Words in reg. 9(4) substituted (6.4.2005) by Occupational Pension Schemes (Winding Up etc.) Regulations 2005 (S.I. 2005/706) , regs. 1(2) , 15(8) (with reg. 15(11) )

Reg. 9(1) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 4(8)(a)

Words in reg. 9(2) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 4(8)(b)

Words in reg. 9(6) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 4(8)(b)

Words in reg. 9(5) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 4(8)(b)

Word in Pt. III omitted (6.4.2015) by virtue of The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 4(2)

Words in reg. 9(3) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 4(8)(b)

Words in reg. 9 substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 4(7)

Words in reg. 9(5) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 4(8)(c)

Regs. 7-7E substituted for reg. 7 and 8 (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 4

Words in reg. 9(3) substituted (6.4.2005) by Occupational Pension Schemes (Winding Up etc.) Regulations 2005 (S.I. 2005/706) , regs. 1(2) , 15(7) (with reg. 15(11) )

http://www.legislation.gov.uk/uksi/1996/1847/regulation/9The Occupational Pension Schemes (Transfer Values) Regulations 1996texttext/xmlenStatute Law DatabasePENSIONS2024-05-16Expert Participation2022-08-01These Regulations replace the Occupational Pension Schemes (Transfer Values) Regulations 1985 which are now revoked. The Regulations supplement the changes introduced by the Pensions Act 1995 to Chapter IV of Part IV of the Pension Schemes Act 1993. They also consolidate and amend the 1985 Regulations. Provisions carried forward from the 1985 Regulations are amended to take into account new provisions introduced by the 1995 Act and changes made by the 1995 Act to parts of the 1993 Act other than Chapter IV of Part IV. Provisions carried forward from the 1985 Regulations which have been amended substantively for other reasons are contained in regulation 8(3) (requirement to obtain actuary’s report before directing that cash equivalents not take account of discretionary benefits), regulation 10 (requirement to increase cash equivalent if paid late) and regulation 11 (disclosure requirements and penalties).The regulations made by virtue of sections 152 to 154 of and Schedule 6 to the Pensions Act 1995 are made within six months of those provisions coming into force and as a consequence there is no requirement to consult. As regards those regulations which are neither made only for the purpose of consolidation nor under the 1995 Act, the Occupational Pensions Board has agreed that proposals to make such regulations need not be referred to them.Part II of the Regulations provides restrictions on the right to take a cash equivalent if the member’s pensionable service terminated before 1st January 1986 or if the member terminates his or her pensionable service while still in employment to which the scheme applies.Part III of the Regulations concerns the new requirements relating to guaranteed statements of entitlement for members of salary related occupational pension schemes. Part III also deals with the way in which cash equivalents are to be calculated. Regulation 6 sets out the time limits within which the guarantee date in respect of a guaranteed statement of entitlement must fall and within which the statement must be provided to the member. Regulations 7 to 10 provide how cash equivalents are to be calculated and the circumstances in which they can be increased or reduced. Regulation 11 consolidates (with minor amendments) provisions relating to estimates of cash equivalents which were previously contained in the Occupational Pension Schemes (Disclosure of Information) Regulations 1986. Regulation 11 also contains further disclosure requirements. Penalties are imposed for breaches of any of the requirements of regulation 11.Part IV of the Regulations sets out the requirements which a pension scheme must satisfy if a cash equivalent is to be used for acquiring transfer credits in it or rights under it, the requirements which an annuity must satisfy if a cash equivalent is to be used for purchasing it and the requirements which an overseas arrangement or a self-employed pension arrangement must satisfy if a cash equivalent is to be used for subscribing to it.Part V of the Regulations provides for the Regulatory Authority to extend the statutory time limits for payment of cash equivalents on the application of the trustees or managers of the scheme in question.Part VI of the Regulations modifies the Pension Schemes Act 1993 in certain circumstances. Regulation 14 modifies section 94(1)(aa) to extend the period within which a member may apply to take his or her guaranteed cash equivalent where that member has been informed that that guaranteed cash equivalent is to be increased or reduced or where the member has disputed the amount of the cash equivalent. Regulation 19 modifies certain provisions of Chapter IV of Part IV in relation to a scheme which provides or may provide both salary related and money purchase benefits. Regulations 15 to 18 carry forward provisions previously contained in the Occupational Pension Schemes (Transfer Values) Regulations 1985.Part VII of the Regulations sets out the penalties that apply for breaches of obligations imposed by section 93A (obligation to provide guaranteed statements of entitlement within certain time limits) and section 99(2) (obligation to pay cash equivalent within certain time limits) of the 1993 Act.Part VIII of the Regulations contains revocations and transitional provisions.An assessment of the compliance cost for employers of the measures arising from the Pensions Act 1995, including these Regulations, has been placed in the libraries of both Houses of Parliament. Copies can be obtained by post from the Department of Social Security, Private Pensions Directorate, 11th floor, The Adelphi, 1-11 John Adam Street, London WC2N 6HT.PART III ... STATEMENTS OF ENTITLEMENT AND CALCULATION OF TRANSFER VALUES9 Increases and reductions of cash equivalents shown in the statement of entitlement1

This regulation applies to a cash equivalent in respect of transferrable rights in relation to categories of benefits other than money purchase benefits where a statement of entitlement has been sent to a member of a salary related scheme by the trustees of the scheme.

2

Where all or any of the benefits to which a cash equivalent shown in the statement of entitlement relates have been surrendered, commuted or forfeited before the date on which the trustees do what is needed to carry out what the member requires, that part of the cash equivalent shown in the statement of entitlement which relates to the benefits so surrendered, commuted or forfeited shall be reduced to nil.

3

Where a scheme has on or after the guarantee date begun to be wound up, a cash equivalent shown in the statement of entitlement may be reduced to the extent necessary for the scheme to comply with the winding up provisions (as defined in section 73B(10)(a) of the 1995 Act) and regulations made under those provisions .

4

If, by virtue of regulations made under section 73B(4)(b)(i) of the 1995 Act by virtue of section 73B(5) of that Act, the winding up provisions (as so defined) apply to a section of a scheme as if that section were a separate scheme, paragraph (3) shall apply as if that section were a separate scheme and as if the references therein to a scheme were accordingly references to that section.

5

If a member’s cash equivalent shown in the statement of entitlement falls short of or exceeds the amount which it would have been had it been calculated in accordance with Chapter 1 of Part 4ZA of the 1993 Act and these Regulations it shall be increased or reduced to that amount.

6

In a case where two or more of the paragraphs of this regulation fall to be applied to a calculation, they shall be applied in the order in which they occur in this regulation except that where paragraph (5) falls to be applied it shall be applied as at the date on which it is established that the cash equivalent shown in the statement of entitlement falls short of or exceeds the proper amount.

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<note class="commentary F" eId="key-2518812981fd3b60257bcfa4c91f87bb">
<p>
Words in reg. 9(4) substituted (6.4.2005) by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/706">Occupational Pension Schemes (Winding Up etc.) Regulations 2005 (S.I. 2005/706)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/706/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/706/regulation/15/8">15(8)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2005/706/regulation/15/11">reg. 15(11)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-492564814fb0cb829f3cfdcb3df4b0ca">
<p>
Reg. 9(1) substituted (6.4.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498">The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/4/8/a">4(8)(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-597591e0919eb6a30b9cfb0b36b526a6">
<p>
Words in reg. 9(2) substituted (6.4.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498">The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/4/8/b">4(8)(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-59be077753bb28bdb41ebf37fafec320">
<p>
Words in reg. 9(6) substituted (6.4.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498">The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/4/8/b">4(8)(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-6e907c010542a92c0fa35ec3634ae1e9">
<p>
Words in reg. 9(5) substituted (6.4.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498">The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/4/8/b">4(8)(b)</ref>
</p>
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<note class="commentary F" eId="key-8db56b00695368c10b064d834d793bd0">
<p>
Word in Pt. III omitted (6.4.2015) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498">The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/4/2">4(2)</ref>
</p>
</note>
<note class="commentary F" eId="key-8e21a0a2e441a983b63614abe2af66f3">
<p>
Words in reg. 9(3) substituted (6.4.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498">The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/4/8/b">4(8)(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-91c5f17b760377c14ebb69e6796c5768">
<p>
Words in reg. 9 substituted (6.4.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498">The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/4/7">4(7)</ref>
</p>
</note>
<note class="commentary F" eId="key-9c7f787e09d4b11b34f2ef8cb2a07550">
<p>
Words in reg. 9(5) substituted (6.4.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498">The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/4/8/c">4(8)(c)</ref>
</p>
</note>
<note class="commentary F" eId="key-aa2eeb3292797818f4764df969a9100b">
<p>
Regs. 7-7E substituted for reg. 7 and 8 (E.W.S.) (1.10.2008) by
<ref href="http://www.legislation.gov.uk/id/uksi/2008/1050">Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2008/1050/regulation/1/1">regs. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2008/1050/regulation/4">4</ref>
</p>
</note>
<note class="commentary F" eId="key-b3b0c3934da138e9614d22dcf6c68066">
<p>
Words in reg. 9(3) substituted (6.4.2005) by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/706">Occupational Pension Schemes (Winding Up etc.) Regulations 2005 (S.I. 2005/706)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/706/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2005/706/regulation/15/7">15(7)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2005/706/regulation/15/11">reg. 15(11)</ref>
)
</p>
</note>
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<dc:description>These Regulations replace the Occupational Pension Schemes (Transfer Values) Regulations 1985 which are now revoked. The Regulations supplement the changes introduced by the Pensions Act 1995 to Chapter IV of Part IV of the Pension Schemes Act 1993. They also consolidate and amend the 1985 Regulations. Provisions carried forward from the 1985 Regulations are amended to take into account new provisions introduced by the 1995 Act and changes made by the 1995 Act to parts of the 1993 Act other than Chapter IV of Part IV. Provisions carried forward from the 1985 Regulations which have been amended substantively for other reasons are contained in regulation 8(3) (requirement to obtain actuary’s report before directing that cash equivalents not take account of discretionary benefits), regulation 10 (requirement to increase cash equivalent if paid late) and regulation 11 (disclosure requirements and penalties).The regulations made by virtue of sections 152 to 154 of and Schedule 6 to the Pensions Act 1995 are made within six months of those provisions coming into force and as a consequence there is no requirement to consult. As regards those regulations which are neither made only for the purpose of consolidation nor under the 1995 Act, the Occupational Pensions Board has agreed that proposals to make such regulations need not be referred to them.Part II of the Regulations provides restrictions on the right to take a cash equivalent if the member’s pensionable service terminated before 1st January 1986 or if the member terminates his or her pensionable service while still in employment to which the scheme applies.Part III of the Regulations concerns the new requirements relating to guaranteed statements of entitlement for members of salary related occupational pension schemes. Part III also deals with the way in which cash equivalents are to be calculated. Regulation 6 sets out the time limits within which the guarantee date in respect of a guaranteed statement of entitlement must fall and within which the statement must be provided to the member. Regulations 7 to 10 provide how cash equivalents are to be calculated and the circumstances in which they can be increased or reduced. Regulation 11 consolidates (with minor amendments) provisions relating to estimates of cash equivalents which were previously contained in the Occupational Pension Schemes (Disclosure of Information) Regulations 1986. Regulation 11 also contains further disclosure requirements. Penalties are imposed for breaches of any of the requirements of regulation 11.Part IV of the Regulations sets out the requirements which a pension scheme must satisfy if a cash equivalent is to be used for acquiring transfer credits in it or rights under it, the requirements which an annuity must satisfy if a cash equivalent is to be used for purchasing it and the requirements which an overseas arrangement or a self-employed pension arrangement must satisfy if a cash equivalent is to be used for subscribing to it.Part V of the Regulations provides for the Regulatory Authority to extend the statutory time limits for payment of cash equivalents on the application of the trustees or managers of the scheme in question.Part VI of the Regulations modifies the Pension Schemes Act 1993 in certain circumstances. Regulation 14 modifies section 94(1)(aa) to extend the period within which a member may apply to take his or her guaranteed cash equivalent where that member has been informed that that guaranteed cash equivalent is to be increased or reduced or where the member has disputed the amount of the cash equivalent. Regulation 19 modifies certain provisions of Chapter IV of Part IV in relation to a scheme which provides or may provide both salary related and money purchase benefits. Regulations 15 to 18 carry forward provisions previously contained in the Occupational Pension Schemes (Transfer Values) Regulations 1985.Part VII of the Regulations sets out the penalties that apply for breaches of obligations imposed by section 93A (obligation to provide guaranteed statements of entitlement within certain time limits) and section 99(2) (obligation to pay cash equivalent within certain time limits) of the 1993 Act.Part VIII of the Regulations contains revocations and transitional provisions.An assessment of the compliance cost for employers of the measures arising from the Pensions Act 1995, including these Regulations, has been placed in the libraries of both Houses of Parliament. Copies can be obtained by post from the Department of Social Security, Private Pensions Directorate, 11th floor, The Adelphi, 1-11 John Adam Street, London WC2N 6HT.</dc:description>
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<part eId="part-III" period="#period2">
<num>PART III</num>
<heading>
<noteRef href="#key-8db56b00695368c10b064d834d793bd0" marker="F6" class="commentary F"/>
... STATEMENTS OF ENTITLEMENT AND CALCULATION OF TRANSFER VALUES
</heading>
<hcontainer name="regulation" eId="regulation-9" period="#period1">
<num>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">9</ins>
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<heading>
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Increases and reductions of
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<noteRef href="#key-91c5f17b760377c14ebb69e6796c5768" marker="F8" class="commentary attribute F"/>
cash equivalents shown in the statement of entitlement
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<paragraph eId="regulation-9-1">
<num>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">
<ins class="substitution key-492564814fb0cb829f3cfdcb3df4b0ca-1474011934828 first">
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1
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<p>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">
<ins class="substitution key-492564814fb0cb829f3cfdcb3df4b0ca-1474011934828 last">This regulation applies to a cash equivalent in respect of transferrable rights in relation to categories of benefits other than money purchase benefits where a statement of entitlement has been sent to a member of a salary related scheme by the trustees of the scheme.</ins>
</ins>
</p>
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</paragraph>
<paragraph eId="regulation-9-2">
<num>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">2</ins>
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<content>
<p>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">Where all or any of the benefits to which a </ins>
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<ins class="substitution key-597591e0919eb6a30b9cfb0b36b526a6-1474011747141 first last">
<noteRef href="#key-597591e0919eb6a30b9cfb0b36b526a6" marker="F3" class="commentary attribute F"/>
cash equivalent shown in the statement of entitlement
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<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934"> relates have been surrendered, commuted or forfeited before the date on which the trustees do what is needed to carry out what the member requires, that part of the </ins>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">
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cash equivalent shown in the statement of entitlement
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<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934"> which relates to the benefits so surrendered, commuted or forfeited shall be reduced to nil.</ins>
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<paragraph eId="regulation-9-3">
<num>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">3</ins>
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<content>
<p>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">Where a scheme has on or after the guarantee date begun to be wound up, a </ins>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">
<ins class="substitution key-8e21a0a2e441a983b63614abe2af66f3-1474011635835 first last">
<noteRef href="#key-8e21a0a2e441a983b63614abe2af66f3" marker="F7" class="commentary attribute F"/>
cash equivalent shown in the statement of entitlement
</ins>
</ins>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934"> may be reduced to the extent necessary for the scheme to comply with </ins>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">
<ins class="substitution key-b3b0c3934da138e9614d22dcf6c68066-1453460607464 first last">
<noteRef href="#key-b3b0c3934da138e9614d22dcf6c68066" marker="F11" class="commentary attribute F"/>
the winding up provisions (as defined in section 73B(10)(a) of the 1995 Act) and regulations made under those provisions
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</ins>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">.</ins>
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<paragraph eId="regulation-9-4">
<num>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">4</ins>
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<content>
<p>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">If, by virtue of regulations made </ins>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">
<ins class="substitution key-2518812981fd3b60257bcfa4c91f87bb-1453460866142 first last">
<noteRef href="#key-2518812981fd3b60257bcfa4c91f87bb" marker="F1" class="commentary attribute F"/>
under section 73B(4)(b)(i) of the 1995 Act by virtue of section 73B(5) of that Act, the winding up provisions (as so defined) apply
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</ins>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934"> to a section of a scheme as if that section were a separate scheme, paragraph (3) shall apply as if that section were a separate scheme and as if the references therein to a scheme were accordingly references to that section.</ins>
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</paragraph>
<paragraph eId="regulation-9-5">
<num>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">5</ins>
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<content>
<p>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934"> If a member’s </ins>
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<ins class="substitution key-6e907c010542a92c0fa35ec3634ae1e9-1474011823311 first last">
<noteRef href="#key-6e907c010542a92c0fa35ec3634ae1e9" marker="F5" class="commentary attribute F"/>
cash equivalent shown in the statement of entitlement
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</ins>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934"> falls short of or exceeds the amount which it would have been had it been calculated in accordance with </ins>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">
<ins class="substitution key-9c7f787e09d4b11b34f2ef8cb2a07550-1474012038905 first last">
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Chapter 1 of Part 4ZA
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<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934"> of the 1993 Act and these Regulations it shall be increased or reduced to that amount. </ins>
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<paragraph eId="regulation-9-6">
<num>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">6</ins>
</num>
<content>
<p>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934">In a case where two or more of the paragraphs of this regulation fall to be applied to a calculation, they shall be applied in the order in which they occur in this regulation except that where paragraph (5) falls to be applied it shall be applied as at the date on which it is established that the </ins>
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<ins class="substitution key-59be077753bb28bdb41ebf37fafec320-1474011868399 first last">
<noteRef href="#key-59be077753bb28bdb41ebf37fafec320" marker="F4" class="commentary attribute F"/>
cash equivalent shown in the statement of entitlement
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</ins>
<ins class="substitution key-aa2eeb3292797818f4764df969a9100b-1457434997934 last"> falls short of or exceeds the proper amount.</ins>
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