SCHEDULE 2Consequential Amendments

2.

In the Personal and Occupational Pension Schemes (Protected Rights) Regulations 199631—

(a)

in regulation 1(2) (interpretation), omit the definition of “the Board for Actuarial Standards”; and

(b)

for regulation 2 (manner of calculation and verification of protected rights), substitute—

“Manner of calculation and verification of protected rights2.

(1)

For the purposes of section 27(3) of the 1993 Act (identification and valuation of protected rights), the trustees must calculate and verify the value of a member’s protected rights in accordance with regulation 7C of the Occupational Pension Schemes (Transfer Values) Regulations 1996.

(2)

In calculating the rights under paragraph (1), the trustees must treat the references to “initial cash equivalent” in regulation 7C as if they were to “protected rights”.

(3)

The trustees must adopt methods and assumptions that are consistent with sections 9(3) and (5)32, 1033 and 26 to 32 of the 1993 Act34.”.