Counting old membership of existing members under 2002 Regulations
Rights under Schedule C5 to the 2000 Regulations: counting of membership10.
(1)
Where any member to whom regulation 3(1) applies has any rights to make any payments which remain payable immediately before the commencement date by virtue of paragraph 1(3) of Schedule C5 to the 2000 Regulations–
(a)
those rights shall cease (but see regulation 13);
(b)
the Committee must calculate the period as respects which payment has been made and notify the member of that period as soon as practicable after the commencement date; and
(c)
the period the member may count for regulation 8(1)(d) of the 2002 Regulations includes the period so calculated.
(2)
The period mentioned in paragraph (1)(c) is such period as the Committee determines to be appropriate.
(3)
A period is only appropriate if the rights in respect of that period under the 2002 Regulations will be at least equal in value to the member’s rights in respect of the payments he has made under the old provisions.
(4)
Where the Committee thinks fit, it must obtain the advice of an actuary appointed by it before making a determination under paragraph (2) and a statement as to the actuarial basis of that advice.