Calculating amounts of transfer value payments
11.—(1) Regulation P5(1) of the Principal Regulations is amended as follows.
(2) In paragraph (1) for “accordance with guidance and tables provided by the Government Actuary to the Trustees for use at the guarantee date” substitute “a manner determined by the Trustees, after consultation with the Government Actuary”.
(3) In paragraph (2) for “preparing those tables the Government Actuary must use such factors as he considers appropriate,” substitute “determining the manner in which the guaranteed cash equivalent transfer value payment is to be calculated, the Trustees must use such assumptions as they consider appropriate, having taken advice from the Government Actuary and”.
Regulation P5 was substituted, together with regulations P1 to P4 and P6 to P10, for regulations P1 to P6 as originally enacted, by regulation 15(1) and Schedule 1 of S.I. 2006/920.