The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2022

Quantification of the value of beneficiaries’ accrued rights to benefits

5.—(1) The quantification of the value of each beneficiary’s accrued rights to benefits under the scheme must be carried out—

(a) in accordance with these Regulations and with the scheme rules;

(b) on an actuarial basis;

(c) as an initial estimate before the end of 28 days beginning with the date of the winding-up commencement time;

(d) as a subsequent estimate within the period of 6 months beginning with the date on which the Regulator notifies the trustees that the implementation strategy is approved;

(e) as a final estimate not less than one month before the proposed discharge time, and

(f) as a final figure immediately prior to the discharge time in relation to the beneficiary.

(2) The quantification must be carried out by reference to the realisable value of the available assets of the scheme.

(3) The amount that represents the value of a beneficiary’s accrued rights to benefits under the scheme for the purposes of the final quantification must be reduced to take account of any periodic income received by that beneficiary in accordance with paragraph 7.