SCHEDULE 1INFORMATION TO BE MADE AVAILABLE TO MEMBERS
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—
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—
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.
SCHEDULE 2TRANSITIONAL PROVISIONS
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”.
SCHEDULE 3REVOCATIONS
(1) | (2) | (3) |
|---|---|---|
Statutory Instrument Number | Statutory Instrument | Provision revoked |
The Occupational Pension Schemes (Transfer Values) Regulations 1985 | The whole of the Regulations | |
The Occupational Pension Schemes (Revaluation and Transfer Values) Amendment Regulations 1986 | The whole of the Regulations | |
The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1986 | Regulation 4 | |
The Occupational Pension Schemes (Transfer Values) Amendment Regulations 1987 | The whole of the Regulations | |
The Personal and Occupational Pension Schemes (Consequential Provisions) Regulations 1987 | Regulation 8 | |
The Personal and Occupational Pension Schemes (Tax Approval and Miscellaneous Provisions) Regulations 1988 | Regulation 3 | |
The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1988 | Regulation 3 | |
The Occupational Pension Schemes (Transfer Values) Amendment Regulations 1988 | The whole of the Regulations | |
The Personal and Occupational Pension Schemes (Transfer to Self-employed Pension Arrangements) Regulations 1988 | Regulation 2 | |
The Personal and Occupational Pension Schemes (Miscellaneous Amendments) (No. 2) Regulations 1990 | Regulation 5 | |
The Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 | Schedule 1, paragraph 2 | |
The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 | Schedule 2, paragraph 7 |