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

Amendment of the Pension Sharing (Pension Credit Benefit) Regulations

7.—(1) The Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000(1) shall be amended in accordance with sub-paragraphs (2) to (5).

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

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

(b) omit the definition of “the Minimum Funding Requirement Regulations”(3);

(c) 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(4);”;

(d) omit the definition of “the Board for Actuarial Standards”(5);

(e) omit the definition of “effective date”(6).

(3) In regulation 23(2) (statements of entitlement)—

(a) omit “to obtain the information required”;

(b) omit “as a result of that inability”.

(4) For regulation 24(7) (manner of calculation and verification of cash equivalents) substitute—

“Manner of calculation and verification of cash equivalents

24.— (1) Subject to paragraph (2), cash equivalents are to be calculated and verified in accordance with regulations 7 to 7E of the Transfer Values Regulations as appropriate.

(2) When calculating and verifying the cash equivalent, the Transfer Values Regulations are to be read as if—

(a) in regulation 1(2) (interpretation)—

(i) after the definition of “effective date” there were inserted—

““eligible member” has the meaning given by section 97P(1)(8);”, and

(ii) after the definition of “trustees” there were added—

““valuation date” has the meaning given by section 97J(7);”;

(b) in regulation 7(1) (manner of calculation and verification of cash equivalents – general provisions) for “paragraph (5)” there were substituted “paragraphs (5) and (6)”;

(c) in regulations 7A to 7C and Schedule 1A references to “member” were references to “eligible member”;

(d) after regulation 7(5) there were inserted—

“(6) Cash equivalents are to be calculated and verified in relation to the valuation date.”;

(e) in regulation 7A(2) (manner of calculation and verification of cash equivalents for salary related benefits) the reference to “guarantee date” were a reference to “valuation date”;

(f) paragraphs 7 and 9 of Schedule 1A (reductions in initial cash equivalents) were omitted, and

(g) in paragraph 12 of Schedule 1A the words “a cash equivalent mentioned in section 89A, before the guarantee date” were “a cash equivalent such as is mentioned in section 97H, before the valuation date”.”.

(5) Omit regulation 27(9) (increases and reductions of cash equivalents before a statement of entitlement has been sent to the eligible member).

(1)

S.R. 2000 No. 146; 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 10(2) of Schedule 3 to S.R. 2005 No. 568

(3)

The definition of “the Minimum Funding Requirement Regulations” was inserted by regulation 18(2) of S.R. 2005 No. 171

(4)

S.R. 1996 No. 619

(5)

The definition of “the Board for Actuarial Standards” was inserted by paragraph 12(a) of the Schedule to S.R. 2007 No. 64

(6)

The definition of “effective date” was inserted by regulation 6(2) of S.R. 2003 No. 337

(7)

Regulation 24 was amended by regulation 12(5) of S.R. 2000 No. 335, regulation 18(4) of S.R. 2005 No. 171, paragraph 10(3) of Schedule 3 to S.R. 2005 No. 568 and paragraph 12(b) of the Schedule to S.R. 2007 No. 64

(8)

Sections 97A to 97Q were inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999

(9)

Regulation 27 was amended by regulation 12(6) of S.R. 2000 No. 335, regulation 6(3) of S.R. 2003 No. 337, regulation 18(5) to (9) of S.R. 2005 No. 171, paragraph 10(4) of Schedule 3 to S.R. 2005 No. 568 and paragraph 12(c) of the Schedule to S.R. 2007 No. 64