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The Occupational Pension Schemes (Transfer Values) Regulations 1996
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Rhagor o Adnoddau
Changes over time for: Section 7A
Version Superseded: 06/04/2016
Alternative versions:
- 01/10/2008- Amendment
- 24/07/2014- Amendment
- 01/04/2015
Point in time - 06/04/2016- Amendment
Status:
Point in time view as at 01/04/2015. This version of this provision has been superseded.
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[F1Manner of calculation of initial cash equivalents for salary related benefits [F2other than cash balance benefits not calculated by reference to final salary]E+W+S
7A.—(1) For salary related benefits [F3other than cash balance benefits in respect of which the available sum is not calculated by reference to final salary], the initial cash equivalent is to be calculated—
(a)on an actuarial basis; and
(b)in accordance with paragraph (2) and regulation 7B.
(2) The initial cash equivalent is the amount at the guarantee date which is required to make provision within the scheme for a member’s accrued benefits, options and discretionary benefits.
(3) For the purposes of paragraph (2), the trustees must determine the extent—
(a)of any options the member has which would increase the value of his benefits under the scheme;
(b)of any adjustments they decide to make to reflect the proportion of members likely to exercise those options; and
(c)to which any discretionary benefits should be taken into account, having regard to any established custom for awarding them and any requirement for consent before they are awarded.]
Textual Amendments
F1 Regs. 7-7E substituted for reg. 7 and 8 (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 4
F2 Words in reg. 7A inserted (E.W.S.) (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711) , regs. 1(1) , 32(4)(a) (with regs. 6 , 41 , 44(1) , 47(1) , 69(2) , 72(1) , 76(1) ); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2
F3 Words in reg. 7A(1) inserted (E.W.S.) (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711) , regs. 1(1) , 32(4)(b) (with regs. 6 , 41 , 44(1) , 47(1) , 69(2) , 72(1) , 76(1) ); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2
Modifications etc. (not altering text)
C1 Reg. 7A(2) modified by SI 2000/1054 reg. 24(2)(e) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 2 para. 7(c) )
C2 Reg. 7A(2) modified by SI 2000/1052 reg. 4(4)(d) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 2 para. 5(b) )
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