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The Occupational Pension Schemes (Transfer Values) Regulations 1996

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Point in time view as at 01/04/2008.

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There are currently no known outstanding effects for the The Occupational Pension Schemes (Transfer Values) Regulations 1996. Help about Changes to Legislation

Regulation 11

SCHEDULE 1E+W+S INFORMATION TO BE MADE AVAILABLE TO MEMBERS

Modifications etc. (not altering text)

C1Sch. 1 applied (with application in accordance with art. 1(2) of the commencing S.I.) by The Divorce etc. (Pensions) Regulations 2000 (S.I. 2000/1123), art. 3(1)(b)(2)(b)reg. 1(1)

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—E+W+S

(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—E+W+S

(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.

Regulation 21

SCHEDULE 2E+W+S TRANSITIONAL PROVISIONS

In the case of an application such as is mentioned in regulation 21(2), the Occupational Pension Schemes (Transfer Values) Regulations 1985 are modified as follows—

(a)after regulation 4(3A) there shall be inserted—

(3B) Paragraphs (3) and (3A) shall not apply after the expiry of the first period within which the trustees are required under section 57 of the Pensions Act 1995 to obtain an actuarial valuation (as defined in section 56(5)(c) of that Act) nor where the trustees have obtained such a valuation within that period.;

(b)in regulation 3(2)(b)(ii) for the words “current at the date of the calculation" there shall be substituted the words “current on 5th April 1997".

Regulation 21

SCHEDULE 3E+W+S REVOCATIONS

(1)(2)(3)
Statutory Instrument NumberStatutory InstrumentProvision revoked
S.I. 1985/1931The Occupational Pension Schemes (Transfer Values) Regulations 1985The whole of the Regulations
S.I. 1986/751The Occupational Pension Schemes (Revaluation and Transfer Values) Amendment Regulations 1986The whole of the Regulations
S.I. 1986/2171The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1986Regulation 4
S.I. 1987/1107The Occupational Pension Schemes (Transfer Values) Amendment Regulations 1987The whole of the Regulations
S.I. 1987/1114The Personal and Occupational Pension Schemes (Consequential Provisions) Regulations 1987Regulation 8
S.I. 1988/474The Personal and Occupational Pension Schemes (Tax Approval and Miscellaneous Provisions) Regulations 1988Regulation 3
S.I. 1988/476The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1988Regulation 3
S.I. 1988/523The Occupational Pension Schemes (Transfer Values) Amendment Regulations 1988The whole of the Regulations
S.I. 1988/1016The Personal and Occupational Pension Schemes (Transfer to Self-employed Pension Arrangements) Regulations 1988Regulation 2
S.I. 1990/1142The Personal and Occupational Pension Schemes (Miscellaneous Amendments) (No. 2) Regulations 1990Regulation 5
S.I. 1991/167The Occupational Pension Schemes (Preservation of Benefit) Regulations 1991Schedule 1, paragraph 2
S.I. 1994/1062The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994Schedule 2, paragraph 7

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