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The Local Government Pension Scheme Regulations (Northern Ireland) 2014
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Calculation of amount of transfer value paymentN.I.
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111.—[F1(1) The amount of the transfer value payment to be paid under regulation 110 (bulk transfer (transfer of undertakings, etc)) is the amount determined by an actuary appointed by the Committee to be equal to the value at the date those members join the new scheme—
(a)of the actual and potential liabilities payable from the pension fund which have then accrued in respect of the members and the persons who are or may become entitled to benefits under the Scheme through them; or
(b)is the balance of the employing authority’s assets after ensuring that its deferred members and pensioner members liabilities which are not transferred, are fully funded.]
(2) The actuary may make such adjustments as the actuary thinks fit in calculating that amount and in particular as respects the period from that date to the date of actual payment of the transfer value.
[F2(2A) The actuary must take into account the member’s provisional assumed benefits and provisional underpin amount, which are calculated in relation to the member in accordance with regulations 4I (statutory underpin: calculation of provisional assumed benefits) and 4J (statutory underpin: calculation of provisional underpin amount) of the Transitional Regulations.]
(3) The actuary shall specify in the valuation, the actuarial assumptions used in making it.
(4) The employing authority shall bear the costs of determining the appropriate part of the pension fund and apportioning that pension fund.
(5) If there is more than one employing authority involved, each shall bear such part of the costs as the actuary determines to be appropriate.
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