The Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations (Northern Ireland) 2007

16.  In the Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations (Northern Ireland) 2006(1)—

(a) in regulation 1(2) (interpretation) after the definition of “the 2005 Order” add—

““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council.”, and

(b) for regulation 2(3)(b)(ii) (calculation and verification of cash transfer sum) substitute—

“(ii) as being consistent with “Retirement Benefit Schemes—Transfer Values (GN11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current at the date on which the cash transfer sum is calculated,”, and

(c) for regulation 4(5) (reduction of cash transfer sums and contribution refunds) substitute—

“(5) The references in this regulation to the actuary’s last relevant GN11 report are to his last report, in accordance with “Retirement Benefit Schemes—Transfer Values (GN11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards, before the cash transfer sum is calculated.”.

(1)

S.R. 2006 No. 49