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2.—(1) For the purposes of section 27(3) of the 1993 Act (identification and valuation of protected rights), the value of a member’s protected rights shall, subject to paragraph (2), be calculated and verified—
(a)in such manner as may be approved in particular cases by the trustees or managers of the scheme; and
(b)by adopting methods consistent with the requirements of sections 9(3) and (5), and 26 to 32 of the 1993 Act.
(2) In a case where a member’s rights (as described in paragraph (1)) fall, either wholly or in part, to be valued in a manner which involves making estimates of the value of benefits, the value of those rights shall be calculated and verified—
(a)in such manner as may be approved in particular cases by—
(i)a Fellow of the Institute of Actuaries, or
(ii)a Fellow of the Faculty of Actuaries, or
(iii)a person with other actuarial qualifications who is approved by the Secretary of State, at the request of the trustees or managers of the scheme in question, as being a proper person to act for the purposes of these regulations in connection with that scheme,
and in this regulation “actuary” means any person such as is referred to in head (i), (ii) or (iii) of this sub-paragraph; and
(b)by adopting methods and making assumptions which—
(i)if not determined by the trustees or managers of the scheme in question, are notified to them by an actuary, and
(ii)are certified by an actuary to the trustees or managers of the scheme as being consistent with the requirements of sections 9(3) and (5), 10 and 26 to 32 of the 1993 Act and as being consistent with the guidance note “Retirement Benefit Schemes—Transfer Values (GN11)” published by the Institute of Actuaries and the Faculty of Actuaries and current at the date of the calculation(1).
The publication “Retirement Benefit Schemes—Transfer Values (GN11)” may be obtained from the Institute of Actuaries, Staple Inn Hall, High Holborn, London WC1V 7QJ and from the Faculty of Actuaries, 23 St. Andrew Square, Edinburgh EH2 1AQ.
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