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The Pension Sharing (Valuation) Regulations (Northern Ireland) 2000
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- Northern Ireland Statutory Rules
- 2000 No. 144
- Regulation 6
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This version of this provision is prospective.
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Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.
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There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Pension Sharing (Valuation) Regulations (Northern Ireland) 2000. Any changes that have already been made by the team appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Regulation 6:
- reg. 2(1)(d) added by S.R. 2016/172 reg. 4(3)(d)
- reg. 2(1)(ba) inserted by S.R. 2016/172 reg. 4(3)(b)
- reg. 5(2)(za)-(zb) inserted by S.R. 2016/172 reg. 4(5)(b)
- reg. 5(3) (3A)-(3L) substituted for reg. 5(3)(3A)-(3B) by S.R. 2005/171 reg. 16(3)
- reg. 5(3B) words omitted by S.R. 2005/568 Sch. 3 para. 8(4)(b)
- reg. 5(3D)-(3I) omitted by S.R. 2005/568 Sch. 3 para. 8(4)(c)
- reg. 5(3J) substituted by S.R. 2007/64 Sch. para. 10(c)
- reg. 5(3K) omitted by S.R. 2005/568 Sch. 3 para. 8(4)(c)
- reg. 5(3L) omitted by S.R. 2005/568 Sch. 3 para. 8(4)(c)
- reg. 6 coming into force by S.R. 2000/144 reg. 1(1)
- reg. 6(2)(b) substituted by S.R. 2007/64 Sch. para. 10(d)
Changes and effects yet to be applied to the whole Rule associated Parts and Chapters:
Whole provisions yet to be inserted into this Rule (including any effects on those provisions):
- reg. 2(1)(d) added by S.R. 2016/172 reg. 4(3)(d)
- reg. 2(1)(ba) inserted by S.R. 2016/172 reg. 4(3)(b)
- reg. 5(2)(za)-(zb) inserted by S.R. 2016/172 reg. 4(5)(b)
- reg. 5(3) (3A)-(3L) substituted for reg. 5(3)(3A)-(3B) by S.R. 2005/171 reg. 16(3)
- reg. 5(3B) words omitted by S.R. 2005/568 Sch. 3 para. 8(4)(b)
- reg. 5(3D)-(3I) omitted by S.R. 2005/568 Sch. 3 para. 8(4)(c)
- reg. 5(3J) substituted by S.R. 2007/64 Sch. para. 10(c)
- reg. 5(3K) omitted by S.R. 2005/568 Sch. 3 para. 8(4)(c)
- reg. 5(3L) omitted by S.R. 2005/568 Sch. 3 para. 8(4)(c)
Prospective
Other relevant arrangements: manner of calculation and verification of cash equivalentsN.I.
6.—(1) Except in a case to which paragraph (3) applies, cash equivalents are to be calculated and verified in such manner as may be approved in a particular case by—
(a)a Fellow of the Institute of Actuaries;
(b)a Fellow of the Faculty of Actuaries, or
(c)a person with other actuarial qualifications who is approved by the Department, at the request of the person responsible for the relevant arrangement, as being a proper person to act for the purposes of this regulation and regulation 7 in connection with that arrangement,
and in paragraph (2) “actuary” means any person such as is referred to in sub-paragraph (a), (b) or (c).
(2) Except in a case to which paragraph (3) applies, cash equivalents are to be calculated and verified by adopting methods and making assumptions which—
(a)if not determined by the person responsible for the relevant arrangement, are notified to him by an actuary, and
(b)are certified by an actuary to the person responsible for the relevant arrangement as being consistent with “Retirement Benefit Schemes — Transfer Values (GN 11)”, published by the Institute of Actuaries and the Faculty of Actuaries and current on the valuation day.
(3) Where a transferor’s cash equivalent, or any portion of it—
(a)represents his rights to money purchase benefits under the relevant arrangement, and
(b)those rights do not fall, either wholly or in part, to be valued in a manner which involves making estimates of the value of benefits,
then that cash equivalent, or that portion of it, shall be calculated and verified in such manner as may be approved in a particular case by the person responsible for the relevant arrangement.
(4) This regulation and regulation 7 apply to a relevant arrangement other than an occupational pension scheme.
Commencement Information
I1Reg. 6 in operation at 1.12.2000, see reg. 1(1)
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