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There are currently no known outstanding effects for the Occupational Pension Schemes (Contracting-out) Regulations 1996, Section 23.
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23. For the purposes of section 12A(4) of the 1993 Act (regulations may provide for the manner of, and criteria for, determining whether pensions are broadly equivalent to those under a reference scheme) in determining whether the pensions provided under the scheme are broadly equivalent to or better than those which would be provided under a reference scheme, the actuary—
[F1(a)must comply with any standards adopted or prepared, and from time to time revised, by [F2the Financial Reporting Council Limited] which are relevant to the matters specified in section 12A(4) of the 1993 Act;]
(b)may not certify that the pensions to be provided by the scheme for earners in employed earner’s employment and their [F3widows, widowers or surviving civil partners] collectively are broadly equivalent to or better than those which would be provided for such persons under a reference scheme if the pensions to be provided for more than 10 per cent. of such earners or their [F3widows, widowers or surviving civil partners] are not broadly equivalent to the pensions which would be provided for them under a reference scheme;
(c)must have regard to the pensions to be provided under the scheme for the persons specified in section 12A(1) of the 1993 Act who are in the scheme at the date from which the certificate has effect;
(d)must not have regard to any pensions to be provided under the scheme [F4in respect of—
(i) earners who are not in contracted-out employment, F5 ...
F5( ii ). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(e) must not have regard to any money purchase benefits; F6 ...
(f)may have regard to the payment of a lump sum [F7but may not have regard to any payment of a lump sum made as a result of the death of an earner]; [F8and
(g)must take no account of any provision made by the scheme for the suspension, in the circumstances specified in regulation 20A(2), [F9(as it had effect immediately before the second abolition date)] of benefits derived from section 9(2B) rights.]
[F10(h)must not have regard to any discretionary benefits; and
(i)must comply with the further requirements set out in Schedule 3.]
Textual Amendments
F1 Reg. 23(a) substituted (1.10.2011) by The Occupational Pension Schemes (Contracting-out) Amendment Regulations 2011 (S.I. 2011/1294) , regs. 1(2) , 2(2)(a)
F2 Words in reg. 23(a) substituted (9.8.2012) by The Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations 2012 (S.I. 2012/1817) , reg. 1 , Sch. para. 2(b)
F3 Words in reg. 23(b) substituted (5.12.2005) by Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes) (Surviving Civil Partners) Order 2005 (S.I. 2005/2050) , art. 1(3) , Sch. 2 para. 10
F4 Words in reg. 23(d) substituted (1.12.2000) by The Pension Sharing (Contracting-out) (Consequential Amendments) Regulations 2000 (S.I. 2000/2975) , regs. 1 , 2(4)
F5 Reg. 23(d)(ii) and preceding word omitted (6.4.2009) by virtue of Pensions Act 2008 (Abolition of Safeguarded Rights) (Consequential) Order 2009 (S.I. 2009/598) , arts. 1 , 3(3)
F6 Word in reg. 23(e) omitted (6.4.2002) by virtue of The Occupational and Personal Pension Schemes (Contracting-out) (Miscellaneous Amendments) Regulations 2002 (S.I. 2002/681) , regs. 1 , 2(10)(a)
F7 Words in reg. 23(f) inserted (1.10.2011) by The Occupational Pension Schemes (Contracting-out) Amendment Regulations 2011 (S.I. 2011/1294) , regs. 1(2) , 2(2)(b)
F8 Reg. 23(g) inserted (6.4.2002) by The Occupational and Personal Pension Schemes (Contracting-out) (Miscellaneous Amendments) Regulations 2002 (S.I. 2002/681) , regs. 1 , 2(10)(b)
F9Words in reg. 23(g) inserted (6.4.2016) by The Occupational Pension Schemes (Schemes that were Contracted-out) (No.2) Regulations 2015 (S.I. 2015/1677), regs. 1(2)(b), 28(9)
F10 Reg. 23(h)(i) added (1.10.2011) by The Occupational Pension Schemes (Contracting-out) Amendment Regulations 2011 (S.I. 2011/1294) , regs. 1(2) , 2(2)(c)
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