The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations (Northern Ireland) 2008

Amendment of the Pension Sharing (Implementation and Discharge of Liability) Regulations

6.—(1) The Pension Sharing (Implementation and Discharge of Liability) Regulations (Northern Ireland) 2000(1) shall be amended in accordance with sub-paragraphs (2) to (4).

(2) In regulation 1(2) (interpretation)—

(a) omit the definition of “the 2005 Order”(2);

(b) after the definition of “the Transfer and Transfer Payment Regulations” insert—

““the Transfer Values Regulations” means the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996;”;

(c) omit the definition of “the Board for Actuarial Standards”(3);

(d) omit the definition of “effective date”(4);

(e) omit the definition of “scheme actuary”.

(3) For regulation 10(5) (calculation of the value of appropriate rights) substitute—

“Calculation of the value of appropriate rights

10.   The value of rights conferred on a person entitled to a pension credit are to be calculated in a manner which is consistent with the methods adopted and assumptions made when transfers of other pension rights are received by the person responsible for the pension arrangement.”.

(4) In regulation 16(6) (adjustments to the amount of pension credit — occupational pension schemes which are underfunded on the valuation day) for paragraphs (2) to (3) substitute—

“(2) Reductions may be made to a pension credit in accordance with paragraphs 2 to 6 of Schedule 1A to the Transfer Values Regulations (reductions in initial cash equivalents) modified as if—

(a) in paragraph 2 for “initial cash equivalent” there were substituted “pension credit”;

(b) in paragraph 3(b) for “in respect of which the member’s cash equivalent is being calculated” there were substituted “to which the pension credit relates”;

(c) in paragraph 4 for “member’s initial cash equivalent which is payable in respect of” there were substituted “pension credit which relates to”, and

(d) in paragraph 5 for “a member’s initial cash equivalent” there were substituted “the pension credit”.”.

(1)

S.R. 2000 No. 145; relevant amending Regulations are S.R. 2000 No. 335, S.R. 2003 No. 337, S.R. 2005 Nos. 171 and 568 and S.R. 2007 No. 64

(2)

The definition of “the 2005 Order” was inserted by paragraph 9(2) of Schedule 3 to S.R. 2005 No. 568

(3)

The definition of “the Board for Actuarial Standards” was inserted by paragraph 11(a) of the Schedule to S.R. 2007 No. 64

(4)

The definition of “effective date” was inserted by regulation 5(2) of S.R. 2003 No. 337

(5)

Regulation 10 was amended by regulation 11(5) of S.R. 2000 No. 335 and paragraph 11(b) of the Schedule to S.R. 2007 No. 64

(6)

Regulation 16 was amended by regulation 5(3) of S.R. 2003 No. 337, regulation 17(2) and (3) of S.R. 2005 No. 171; paragraph 9(3) of Schedule 3 to S.R. 2005 No. 568 and paragraph 11(c) of the Schedule to S.R. 2007 No. 64