Textual Amendments
F1Words in Sch. 6 heading inserted (24.7.2014) by The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/204), regs. 1(1), 73(7)
6. [F2For money purchase benefits, an] illustration of the amount of the pension—
(a)that is calculated in accordance with paragraphs 7 and 8;
(b)an entitlement to which would be likely to accrue to the member, or be capable of being secured by the member, at the member’s retirement date, and
(c)in respect of rights to money purchase benefits that may arise under the scheme.
Textual Amendments
F2Words in Sch. 6 para. 6 substituted (24.7.2014) by The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/204), regs. 1(1), 73(8)(a)
Commencement Information
I1Sch. 6 para. 6 in operation at 6.4.2014, see reg. 1(1)
[F36A. For cash balance benefits, an illustration of the amount of the pension calculated—
(a)in accordance with paragraph 7(1)(a)(ii) and (2);
(b)in accordance with the rules of the scheme, and
(c)where appropriate, in a manner consistent with the relevant guidance,
that is likely to be secured by the member at the member's normal pension age in respect of the member's rights to cash balance benefits that have arisen or may arise under the scheme.]
Textual Amendments
7.—(1) The amount referred to in paragraph 6 must be calculated—N.I.
(a)by reference to—
(i)the relevant guidance, and
(ii)the assumptions listed in paragraph 8;
(b)having regard to the value of the member’s accrued rights to money purchase benefits under the scheme on the illustration date.
(2) For the purposes of paragraph 6, the calculation of the amount of the pension may take account of a lump sum.
Commencement Information
I2Sch. 6 para. 7 in operation at 6.4.2014, see reg. 1(1)
8.—(1) The assumptions are—N.I.
(a)where the calculation relates to the rights of a non-contributing member, that no contributions will be made to the scheme by the member, or on the member’s behalf, after the illustration date, or
(b)in any other case, that until the member’s retirement date—
(i)contributions to the scheme will be made by the member or on the member’s behalf, and
(ii)the scheme will maintain its tax registration under section 153 of the Finance Act 2004 (registration of pension schemes).
(2) In this paragraph “non-contributing member” means a member in respect of whom no further contributions to the scheme are due or expected after the illustration date.
Commencement Information
I3Sch. 6 para. 8 in operation at 6.4.2014, see reg. 1(1)
9. A statement that the information given under this Part is given only for the purposes of illustration and that it does not represent any promise or guarantee as to the amount of benefit that may be receivable by the member or a beneficiary of the scheme under the scheme.N.I.
Commencement Information
I4Sch. 6 para. 9 in operation at 6.4.2014, see reg. 1(1)
10. A statement of how the person to whom the information given under this Part relates may obtain from the trustees or managers of the scheme further details about that information.N.I.
Commencement Information
I5Sch. 6 para. 10 in operation at 6.4.2014, see reg. 1(1)
11. A statement that general assumptions have been made.N.I.
Commencement Information
I6Sch. 6 para. 11 in operation at 6.4.2014, see reg. 1(1)
12. A statement that any amounts in the information given under this Part are expressed in today’s prices.N.I.
Commencement Information
I7Sch. 6 para. 12 in operation at 6.4.2014, see reg. 1(1)
13. The member’s retirement date used for the purposes of the information given under this Part.N.I.
Commencement Information
I8Sch. 6 para. 13 in operation at 6.4.2014, see reg. 1(1)
14. The illustration date used for the purposes of the information given under this Part.N.I.
Commencement Information
I9Sch. 6 para. 14 in operation at 6.4.2014, see reg. 1(1)