The Occupational Pension Schemes (Transfer Values etc.) (Coal Staff and Mineworkers' Schemes) (Amendment) Regulations 2006

Explanatory Note

(This note is not part of the Regulations)

These Regulations make amendments which relate to schemes referred to in the British Coal Staff Superannuation Scheme (Modification) Regulations 1994 (S.I. 1994/2576) (“the British Coal Scheme”) and the Mineworkers' Pension Scheme (Modification) Regulations 1994 (S.I. 1994/2577) (“the Mineworkers' Scheme”).

Regulation 2 amends the Occupational Pension Schemes (Transfer Values) Regulations 1996 (S.I. 1996/1847) where a cash equivalent transfer value is being calculated for a member of the British Coal Scheme or the Mineworkers' Scheme. Where such a member has been awarded a bonus, or bonuses, the amount of the cash equivalent transfer value payable in respect of such bonuses shall reflect that the bonuses are not guaranteed and could be reduced in the future, as a result of the scheme’s funding position.

Regulation 3 makes amendments to the Pension Sharing (Pension Credit Benefit) Regulations 2000 (S.I. 2000/1054) similar to those made in regulation 2.

Regulation 4 makes amendments to the Pension Sharing (Valuation) Regulations 2000 (S.I. 2000/1052) similar to those made in regulation 2.

A full regulatory impact assessment has not been produced for this instrument as it has a negligible impact on the costs of business.