- Latest available (Revised)
- Point in Time (01/04/2008)
- Original (As made)
Version Superseded: 01/10/2008
Point in time view as at 01/04/2008.
There are currently no known outstanding effects for the The Occupational Pension Schemes (Transfer Values) Regulations 1996.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Regulation 11
Modifications etc. (not altering text)
C1Sch. 1 applied (with application in accordance with art. 1(2) of the commencing S.I.) by The Divorce etc. (Pensions) Regulations 2000 (S.I. 2000/1123), art. 3(1)(b)(2)(b)reg. 1(1)
1. Whether any cash equivalent (within the meaning of Chapter IV of Part IV of the 1993 Act) is available to the member or would be so available if the member’s pensionable service were to terminate and if so—E+W+S
(a)an estimate of its amount, calculated on the basis that the member’s pensionable service terminated or will terminate on a particular date;
(b)the accrued rights to which it relates;
(c)whether any part of the estimated amount of the cash equivalent is attributable to additional benefits—
(i)which have been awarded at the discretion of the trustees, or
(ii)which will be awarded at their discretion if their established custom continues unaltered
and in either case whether that part is attributable to the whole or only to part of those benefits;
(d)where the trustees have given a direction such as is referred to in regulation 8(2), a statement indicating that the calculation of the estimated cash equivalent does not take account of discretionary benefits, that the trustees are obliged to obtain the actuary’s written report before excluding such benefits from the calculation of cash equivalents and that the member is entitled on request to a copy of that report; and
(e)if the estimated amount of the cash equivalent has been reduced by reference to regulation 8—
(i)a statement of that fact and of the amount by which the cash equivalent has been reduced and an explanation of the reason for the reduction, which shall refer to the paragraph of regulation 8 relied upon,
(ii)an estimate of the date (if any) by which it will be possible to make available a cash equivalent which is not so reduced, and
(iii)a statement of the member’s rights to obtain further estimates.
2. Whether any transfer value (not being a cash equivalent within the meaning of Chapter IV of Part IV of the 1993 Act) is available to the member or would be so available if the member’s pensionable service were to terminate and if so—E+W+S
(a)an estimate of its amount, calculated on the basis that the member’s pensionable service terminated or will terminate on a particular date;
(b)the accrued rights to which it relates;
(c)whether any part of the estimated amount of the transfer value is attributable to additional benefits—
(i)which have been awarded at the discretion of the trustees, or
(ii)which will be awarded at their discretion if their established custom continues unaltered
and in either case whether that part is attributable to the whole or only to part of those benefits; and
(d)if the estimated amount of the transfer value has been reduced to an amount which is less than it otherwise would be because of an actuary’s opinion that the scheme’s assets are insufficient to meet its liabilities in full—
(i)a statement of that fact and an explanation,
(ii)an estimate of the date (if any) by which it will be possible to make available a transfer value the amount of which is not so reduced, and
(iii)a statement of the member’s rights to obtain further estimates.
Regulation 21
In the case of an application such as is mentioned in regulation 21(2), the Occupational Pension Schemes (Transfer Values) Regulations 1985 are modified as follows—
(a)after regulation 4(3A) there shall be inserted—
“(3B) Paragraphs (3) and (3A) shall not apply after the expiry of the first period within which the trustees are required under section 57 of the Pensions Act 1995 to obtain an actuarial valuation (as defined in section 56(5)(c) of that Act) nor where the trustees have obtained such a valuation within that period.”;
(b)in regulation 3(2)(b)(ii) for the words “current at the date of the calculation" there shall be substituted the words “current on 5th April 1997".
Regulation 21
(1) | (2) | (3) |
---|---|---|
Statutory Instrument Number | Statutory Instrument | Provision revoked |
S.I. 1985/1931 | The Occupational Pension Schemes (Transfer Values) Regulations 1985 | The whole of the Regulations |
S.I. 1986/751 | The Occupational Pension Schemes (Revaluation and Transfer Values) Amendment Regulations 1986 | The whole of the Regulations |
S.I. 1986/2171 | The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1986 | Regulation 4 |
S.I. 1987/1107 | The Occupational Pension Schemes (Transfer Values) Amendment Regulations 1987 | The whole of the Regulations |
S.I. 1987/1114 | The Personal and Occupational Pension Schemes (Consequential Provisions) Regulations 1987 | Regulation 8 |
S.I. 1988/474 | The Personal and Occupational Pension Schemes (Tax Approval and Miscellaneous Provisions) Regulations 1988 | Regulation 3 |
S.I. 1988/476 | The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1988 | Regulation 3 |
S.I. 1988/523 | The Occupational Pension Schemes (Transfer Values) Amendment Regulations 1988 | The whole of the Regulations |
S.I. 1988/1016 | The Personal and Occupational Pension Schemes (Transfer to Self-employed Pension Arrangements) Regulations 1988 | Regulation 2 |
S.I. 1990/1142 | The Personal and Occupational Pension Schemes (Miscellaneous Amendments) (No. 2) Regulations 1990 | Regulation 5 |
S.I. 1991/167 | The Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 | Schedule 1, paragraph 2 |
S.I. 1994/1062 | The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 | Schedule 2, paragraph 7 |
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: