SCHEDULE 2Consequential Amendments

6

In the Pension Sharing (Implementation and Discharge of Liability) Regulations 200041—

a

in regulation 1(2) (interpretation)—

i

in the appropriate alphabetical place, insert—

  • “the Transfer Values Regulations” means the Occupational Pension Schemes (Transfer Values) Regulations 1996;

ii

omit the definitions of “the Board for Actuarial Standards”, “effective date” and “scheme actuary”;

b

for regulation 10 (calculation of the value of appropriate rights), substitute—

Calculation of the value of appropriate rights10

The value of rights conferred on a person entitled to a pension credit are to be calculated in a manner which is consistent with the methods adopted and assumptions made when transfers of other pension rights are received by the person responsible for the pension arrangement.

c

for paragraphs (2) to (3) of regulation 16 (adjustments to the amount of the pension credit—occupational pension schemes which are underfunded on the valuation day), substitute—

2

Reductions may be made to a pension credit in accordance with paragraphs 2 to 6 of Schedule 1A to the Transfer Values Regulations modified as if—

a

in paragraph 2, the reference to “initial cash equivalent” were a reference to “pension credit”;

b

in paragraph 3(b), the words “in respect of which the member’s cash equivalent is being calculated and verified” were “to which the pension credit relates”;

c

in paragraph 4, the words “member’s initial cash equivalent that is payable in respect of” were “pension credit that relates to”; and

d

in paragraph 5, the words “a member’s initial cash equivalent” were “the pension credit”.