The Occupational Pension Schemes (Transfer Values) Regulations 1996

Regulation 11

SCHEDULE 1 INFORMATION TO BE MADE AVAILABLE TO MEMBERS

1.  Whether any cash equivalent (within the meaning of Chapter IV of Part IV of the 1993 Act) is available to the member or would be so available if the member’s pensionable service were to terminate and if so—

(a) an estimate of its amount, calculated on the basis that the member’s pensionable service terminated or will terminate on a particular date;

(b) the accrued rights to which it relates;

(c) whether any part of the estimated amount of the cash equivalent is attributable to additional benefits—

(i) which have been awarded at the discretion of the trustees, or

(ii) which will be awarded at their discretion if their established custom continues unaltered

and in either case whether that part is attributable to the whole or only to part of those benefits;

(d) where the trustees have given a direction such as is referred to in regulation 8(2), a statement indicating that the calculation of the estimated cash equivalent does not take account of discretionary benefits, that the trustees are obliged to obtain the actuary’s written report before excluding such benefits from the calculation of cash equivalents and that the member is entitled on request to a copy of that report; and

(e) if the estimated amount of the cash equivalent has been reduced by reference to regulation 8—

(i) a statement of that fact and of the amount by which the cash equivalent has been reduced and an explanation of the reason for the reduction, which shall refer to the paragraph of regulation 8 relied upon,

(ii) an estimate of the date (if any) by which it will be possible to make available a cash equivalent which is not so reduced, and

(iii) a statement of the member’s rights to obtain further estimates.

2.  Whether any transfer value (not being a cash equivalent within the meaning of Chapter IV of Part IV of the 1993 Act) is available to the member or would be so available if the member’s pensionable service were to terminate and if so—

(a) an estimate of its amount, calculated on the basis that the member’s pensionable service terminated or will terminate on a particular date;

(b) the accrued rights to which it relates;

(c) whether any part of the estimated amount of the transfer value is attributable to additional benefits—

(i) which have been awarded at the discretion of the trustees, or

(ii) which will be awarded at their discretion if their established custom continues unaltered

and in either case whether that part is attributable to the whole or only to part of those benefits; and

(d) if the estimated amount of the transfer value has been reduced to an amount which is less than it otherwise would be because of an actuary’s opinion that the scheme’s assets are insufficient to meet its liabilities in full—

(i) a statement of that fact and an explanation,

(ii) an estimate of the date (if any) by which it will be possible to make available a transfer value the amount of which is not so reduced, and

(iii) a statement of the member’s rights to obtain further estimates.