The Occupational Pension Schemes (Transfer Values) Regulations 1996

[^key-4b607dcb95c098df207a55af0d4a4141]: Words in reg. 17(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), 6(5)

[^key-4caa785a2de1ef01fa7befea4f219fc6]: Reg. 2 excluded (S.) (1.4.2009) by Local Government Pension Scheme (Administration) (Scotland) Regulations 2008 (S.S.I. 2008/228) , regs. 1 , 73(2)

[^key-4cb349b96d74ea1f810d3e9465d62871]: Sch. 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)

[^key-4e62a455281d794623f7776731578e56]: Reg. 11(4)(b)(iia) inserted (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(9)(d)(iii)

[^key-4fbf1a774b710ac568de020f21c69647]: Reg. 18 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), 6(6)

[^key-4feab1e55a8b91242bf212595590d4fb]: Reg. 11(7) added (6.4.2014) by The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (S.I. 2013/2734) , reg. 1(1) , Sch. 9 para. 3

[^key-504ef6364361b2c8176a5bc577e2d6a1]: Pt. VIII 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), 8

[^key-514234ba123e7fa038cd826163c09e4f]: Words in reg. 11(4)(b)(v) 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(9)(e)

[^key-52ffdbbc27381b808d9e8492ca30212f]: Words in reg. 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), 3(2)

[^key-588af3810386de5ecb41dc07d841b49a]: Reg. 13(1)(bc) inserted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 3(8)(c)

[^key-591e98f36f7e3b5d65fc0d86cedbbd11]: Reg. 6(1) substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 3

[^key-594d80fcb948b25e92ef5e801c2aacda]: Words in reg. 1(2) 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), 2(5)

[^key-597591e0919eb6a30b9cfb0b36b526a6]: 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)

[^key-598ec7a5258e4068fcbc3f0c7ba23029]: Reg. 1(2) modified by SI 2000/1052 reg. 5(2)(a)(i) (as substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 5(b))

[^key-59be077753bb28bdb41ebf37fafec320]: 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)

[^key-5bc7fafbb068412f83cedfec41142f3d]: Words in reg. 7(1)(a)(i) inserted (E.W.S.) (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711) , regs. 1(1) , 32(3)(a) (with regs. 6 , 41 , 44(1) , 47(1) , 69(2) , 72(1) , 76(1) ); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

[^key-5cda33fee01b38bf3ae03ab161c1f00f]: Words in reg. 11(4)(b)(ii) 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(9)(e)

[^key-5d2d6b63053349b13a19b5e197bc7773]: Words in reg. 1(2) substituted (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), reg. 1, Sch. 1 para. 12(2)

[^key-5e8687f1db266ff153e622016dd29c4b]: Words in reg. 1(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), 2(3)

[^key-5f3f7f87698518e074c940d6f28bb358]: Reg. 7(1)(a)(iii) inserted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 3(4)(c)

[^key-6197623dc4b7f3a301fb6f25eefa24db]: Reg. 7A(2) modified by SI 2000/1054 reg. 24(2)(e) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 2 para. 7(c) )

[^key-62c7dffb817802acd208751f35af5d09]: Words in reg. 7C(1) inserted (E.W.S.) (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711) , regs. 1(1) , 32(6)(b) (with regs. 6 , 41 , 44(1) , 47(1) , 69(2) , 72(1) , 76(1) ); coming into force immediately after s. 29 of 2011 c 19 - see S.I . 2014/1683, art. 2

[^key-631a8e70ec4668b0a930c81f0fbb5acf]: Words in reg. 13(1)(c) substituted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 3(8)(d)

[^key-65ae23a36f747a0385a9fbedba4a9a11]: Words in reg. 11(4)(b)(vi) 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(9)(e)

[^key-6610dec26459a9d7a2bb73d15ced0f00]: Reg. 13(1) reg. 13 re-numbered as reg. 13(1) (6.4.2017) by The Pensions Act 2014 (Abolition of Contracting-out for Salary Related Pension Schemes) (Consequential Amendments and Savings) Order 2016 (S.I. 2016/200), arts. 1(3), 29(a)

[^key-690471f2da2e1d93e7bea228a3f48e5b]: Words in reg. 12(5)(b) omitted (6.4.2006) by virtue of The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744) , arts. 1 , 12(2)(d)(ii)

[^key-6e907c010542a92c0fa35ec3634ae1e9]: 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)

[^key-6eea382b5fe294db4cd5b0719839d86d]: Reg. 7B(6) inserted (E.W.S.) (13.10.2008) by Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/2450) , regs. 1 , 3(2)(c)

[^key-70355be073b4c875b596486b9536ccfe]: Reg. 12(6)(a) omitted (6.4.2006) by virtue of The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744) , arts. 1 , 12(2)(e)

[^key-7098babc786769b81e51d5eb80cef5af]: Words in reg. 12(2)(a) substituted (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786) , reg. 1 , Sch. 1 para. 12(5)

[^key-72a56bf2e872f67ee1f1fd74996cbb66]: Words in reg. 13(1)(c) substituted (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations 2018 (S.I. 2018/1030), regs. 1(2), 24(2)(c)

[^key-74a7cf093ae0961b189cafbf83915bd7]: Reg. 7C(4) substituted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711) , regs. 1(1) , 32(6)(c) (with regs. 6 , 41 , 44(1) , 47(1) , 69(2) , 72(1) , 76(1) ); coming into force immediately after s. 29 of 2011 c 19 - see S.I . 2014/1683, art. 2

[^key-7559fde7ab5ed3b3602d70437ea5c61a]: Reg. 6(5) inserted (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(4)(f)

[^key-7652161944fa6c1eca41b25f3e5bbc3a]: Words in reg. 7B inserted (E.W.S.) (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711) , regs. 1(1) , 32(5)(a) (with regs. 6 , 41 , 44(1) , 47(1) , 69(2) , 72(1) , 76(1) ); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

[^key-76f6442ed21661d82af078822c4655ef]: Reg. 12(1)(c) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) Order 2011 (S.I. 2011/1246) , arts. 1(2)(a) , 14(3)(b)

[^key-78e61ba3f83df6da7381c0d6f5fc6f7d]: Sch. 1 para. 4 inserted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 3(9)

[^key-7c5f0f777527e607399e1d34b9731d3a]: Words in reg. 11(4)(b)(ii) substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(d)(i)

[^key-7cb0d1b6591146bb86e55c5a8d4cd4bc]: Words in reg. 6(3) 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(4)(d)

[^key-7de1d99c8b1d9400dc0763b548debbe6]: Reg. 1(2) modified by SI 2000/1052 reg. 4(4)(a) (as substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 5(b))

[^key-7e01e070e38b7716adc5e7774740b98b]: Words in reg. 6(1B) 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(4)(b)

[^key-7edea1b511dd417ef9f13f85d74aa5e8]: Reg. 7D(2)(3) substituted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 32(7)(b) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

[^key-7f34526a766e9f4f8be09271480fa06a]: Reg. 14 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), 6(2)

[^key-80f81fc779a5acecb1f7b74e179ae597]: Words in reg. 1(2) inserted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 3(2)

[^key-814d032e8fd19af3162c477e7fd3438f]: Words in reg. 7C inserted (E.W.S.) (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711) , regs. 1(1) , 32(6)(a) (with regs. 6 , 41 , 44(1) , 47(1) , 69(2) , 72(1) , 76(1) ); coming into force immediately after s. 29 of 2011 c 19 - see S.I . 2014/1683, art. 2

[^key-838b035a6af9cad4b54b915f6fefdd14]: Words in reg. 1(2) inserted (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), regs. 1, 20(1), Sch. 3 paras. 5(2)

[^key-85c4112bb8513d8b888948a4c985bb69]: Reg. 7B(1) substituted (13.10.2008) by Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/2450) , regs. 1 , 3(2)(a)

[^key-85d4acc076867160f21a870513a2d03a]: Sch. 1 para. 3 inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 7(b)

[^key-8683a94ff7ea42f0ba0afaf7a958a424]: Reg. 11(4)(c) inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(g)

[^key-88d7115d17b1fd2afb65720cc56c24c5]: Instrument modified (1.4.2015) by The Firefighters' Pension Scheme (England) (Consequential Provisions) Regulations 2015 (S.I. 2015/319), reg. 12

[^key-8a799b57a7cf52e4906b2c469195c183]: Words in reg. 11(6) inserted (E.W.S.) (6.4.2009) by Occupational, Personal and Stakeholder Pensions (Miscellaneous Amendments) Regulations 2009 (S.I. 2009/615) , regs. 1(2) , 8(2)

[^key-8af08ad8f64b0d4816d350ed796e5e09]: Words in Sch. 1 para. 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), 9(3)(a)

[^key-8b401d890a4e6c11fb80cf4c8daa81c1]: Word in Sch. 1 para. 1(c) inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 7(a)(ii)

[^key-8bb2aa9e1ed0999d2990b705efa9ac70]: Reg. 11(4)(b)(vi)(cc) omitted (E.W.S.) (1.10.2008) by virtue of Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(e)

[^key-8c1451c83271e99bfa076706d6c1caa8]: Sch. 1A para. 12 modified by SI 2000/1052 reg. 4(4)(e) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 5(b))

[^key-8db56b00695368c10b064d834d793bd0]: 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)

[^key-8e21a0a2e441a983b63614abe2af66f3]: 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)

[^key-8f0f98808d08d75f0e562c808c8559ee]: Words in Sch. 1 para. 1(e) substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 7(a)(aa), 7(a)(iv)

[^key-8fb1f06e9baa7b6ebb2dfb40f6d2afdb]: Reg. 12(3) omitted (6.4.2006) by virtue of The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744) , arts. 1 , 12(2)(c)

[^key-91364a4bfb7faad5183c83fa295fad68]: Reg. 6(3) restricted (E.W.S.) (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711) , regs. 1(1) , 31 (with regs. 6 , 41 , 44(1) , 47(1) , 69(2) , 72(1) , 76(1) ); coming into force immediately after s. 29 of 2011 c 19 - see S.I . 2014/1683, art. 2

[^key-91c5f17b760377c14ebb69e6796c5768]: 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)

[^key-937d49af3e8b6508981b3ddf22282ed2]: Words in reg. 1(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), 2(6)

[^key-93d9b1045191dc2ab0e01ea89d3766ee]: Reg. 13(ba) inserted (6.4.2005) by Pensions Regulator (Freezing Orders and Consequential Amendments) Regulations 2005 (S.I. 2005/686) , regs. 1(1) , 4(3)(b)

[^key-97e6c9317b16439d22891e23fd6963e9]: Sch. 1 para. 1(e)(i) substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 7(a)(bb), 7(a)(iv)

[^key-986e97a5e553d47fb467b39a527bf4c1]: Words in reg. 7B(4) substituted (E.W.S.) (13.10.2008) by Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/2450) , regs. 1 , 3(2)(b)

[^key-9c7f787e09d4b11b34f2ef8cb2a07550]: 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)

[^key-9e594bb82c565e0d2729bfe597ed49b2]: Words in reg. 7C(2) inserted (E.W.S.) (13.10.2008) by Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/2450) , regs. 1 , 3(3)

[^key-9f86cbeecec2c1dbfcd027e3bc9cf818]: Words in reg. 1(2) omitted (1.10.2008) by virtue of Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 2(d)

[^key-9fb6773b7082541a39cc628dff7603c5]: Reg. 4 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), 3(3)

[^key-a1252f5d42ed027af65940b657bb1734]: Word in Sch. 1A para. 2(a) 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) , 10(2)(a)

[^key-a2f2e5d977e73c6a848ba5ac3d3c06fb]: Reg. 7ZC inserted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 3(7)

[^key-a557de9798eab3f6fb2993e17ee82a56]: Regs. 7E(1)-(3) modified by S.I. 2000/1048, reg. 3(3)(4)(8) (as substituted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 2(4)(b), (c))

[^key-a5ebaf3d3e7e2d413e65b05c0aac1509]: Words in reg. 7C(3)(b)(ii) 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(5)

[^key-a66c1f2ee6d96d4595c65df9064c415c]: Words in Sch. 1 para. 2(d) inserted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 9(3)(b)

[^key-a733b3397dffbbeed7a0e5b84b0f2035]: Reg. 12(5)(c) substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 6(b)

[^key-a8ba00be77bc5bf4fc3ab75d84172ed6]: Words in reg. 7C(1) inserted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 3(6)

[^key-a9c45b113e9db89dc4ed48d3d20f95b8]: Words in reg. 1(2) inserted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 32(2)(a) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

[^key-aa2eeb3292797818f4764df969a9100b]: 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

[^key-ae474e139ae118bc0131cbf3ff1f3348]: Reg. 12(1)(d) substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744) , arts. 1 , 12(2)(a)

[^key-af458e09bbc78da0243f34fb6b60ce24]: Reg. 19 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), 6(6)

[^key-b05e42d72ad946de89e3093e85d24e8d]: Regs. 7-7C modified by S.I. 2000/1052, reg. 4 (as substituted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 4(4))

[^key-b1d33c04c380b9df681a1cd7a4ae872f]: Words in reg. 12(5)(c) substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744) , arts. 1 , 12(2)(d)(iii)

[^key-b2676231bbc2cf7020f15fb44a48b21c]: Words in reg. 1(2) inserted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 2(1)

[^key-b2ffa85d2e1828ba051e3524b5a06169]: Words in reg. 7A inserted (E.W.S.) (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711) , regs. 1(1) , 32(4)(a) (with regs. 6 , 41 , 44(1) , 47(1) , 69(2) , 72(1) , 76(1) ); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

[^key-b3157bc78e84789bc37c3efa15a9f0e5]: Reg. 11(4)(b)(vi) and word inserted (15.2.2005) by Occupational Pension Schemes (Winding Up, Deficiency on Winding Up and Transfer Values) (Amendment) Regulations 2005 (S.I. 2005/72) , regs. 1(1) , 4(a)(ii)

[^key-b3b0c3934da138e9614d22dcf6c68066]: 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) )

[^key-b74b96708531f7cd167f8336356a243e]: Word in reg. 11(4)(b)(vi)(aa) inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(f)

[^key-bafa64625b693b2fa362a129f99a9950]: Reg. 13(1)(bb) inserted (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations 2018 (S.I. 2018/1030), regs. 1(2), 24(2)(b)

[^key-bb51fe5a37664e95c4377d8a699a48d3]: Reg. 2 excluded (1.4.2008) by The Local Government Pension Scheme (Administration) Regulations 2008 (S.I. 2008/239) , regs. 1(1) , 78(3)

[^key-bdf2a1d1eefcbca42c71a658938c8792]: Sch. 1A para. 8 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), 10(3)

[^key-be10b7ad86403d77f1d968a726704a1c]: Words in reg. 1(2) inserted (1.4.1998) by The Local Government Pension Scheme (Transitional Provisions) Regulations 1997 (S.I. 1997/1613), regs. 1(2), Sch. 3 para. 61 (with regs. 1(3), 20, Sch. 4)

[^key-c3e591d426a5828d65441dc896f29d79]: Regs. 7E(1)-(3) modified by S.S.I. 2000/112, reg. 3(3)(4)(8) (as substituted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 7(3)(b), (e))

[^key-c6ad1c10a1bf8007be5284dad761f289]: Regs. 7E(1)-(3) modified by S.I. 2000/1052, reg. 4 (as substituted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 4(4))

[^key-c6f85b1aa970c73f93d8bee65aa51a6d]: Instrument modified (1.4.2015) by The Police Pensions (Consequential Provisions) Regulations 2015 (S.I. 2015/370), reg. 12

[^key-ca456bd9ea88b85f3a8ba9333b3b33c1]: Reg. 1A inserted (1.6.1999) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786) , reg. 1 , Sch. 1 para. 12(3)

[^key-cbdedda5c5c9c112a537d70896eaca9a]: Words in reg. 7(1)(a)(ii) substituted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 3(4)(b)

[^key-cccfd1c3c23581795524dadd3bb2ba49]: Words in reg. 6(1)(a) 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(4)(a)

[^key-cdda6a9b7c9d4797ce35957e2420156b]: Words in reg. 7D(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(6)

[^key-cdebeaa8c0e7a3db480586ca76f5f4de]: Reg. 7(7) substituted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 3(4)(d)

[^key-ce383ecde2c2c0b4c6a358c7d6387e42]: Reg. 10(2)(a) excluded (1.4.2008) by The Local Government Pension Scheme (Administration) Regulations 2008 (S.I. 2008/239) , regs. 1(1) , 78(5)

[^key-cfedc81205ed75bcbca7f3898dfd999f]: Instrument modified (1.4.2015) by The Judicial Pensions Regulations 2015 (S.I. 2015/182), Sch. 3 para. 10 (with regs. 148, 160, Sch. 3 para. 3)

[^key-d1286a65e50f8a881a9477a706b17d14]: Sch. 1A para. 9 modified by SI 2000/1054 reg. 24(2)(f) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 7(c))

[^key-d63f915be859d9c66cccb711b1c706dd]: Sch. 1 para. 1(a) substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 7(a)(i)

[^key-d73890bf778659c49e7ee55baeb66467]: Reg. 13(1)(a)(ii) omitted (6.4.2021) by virtue of The Pensions Act 2014 (Abolition of Contracting-out for Salary Related Pension Schemes) (Consequential Amendments and Savings) Order 2016 (S.I. 2016/200), arts. 1(5), 34

[^key-d8ad2e661c9ccbf56e1aa57d88dff782]: Words in Sch. 1 para. 3(c) inserted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 9(4) (with reg. 11)

[^key-d8fdda902d51bda88dfefa1637b9a7df]: Reg. 11(3) 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(9)(c)

[^key-d940f932e739606bc84432d432715a8a]: Words in reg. 13(1) substituted (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/337), regs. 1(3), 3(8)(a)

[^key-de5ef63581a737777433b2f3765805a7]: Words in reg. 1(2) substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 2(b)

[^key-dee3ed4bf0091f47dda5507ace304c98]: Sch. 1A para. 4 modified by SI 2000/1053 reg. 16(2)(c) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 6(c))

[^key-e0442545ba5899d5bab03b750dbb012a]: Words in reg. 20 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), 7

[^key-e13f288c41b2d3d12c696559a9acda0f]: Instrument modified (1.4.2015) by The Public Service (Civil Servants and Others) Pensions (Consequential and Amendment) Regulations 2015 (S.I. 2015/372), reg. 12

[^key-e18aa3acdaae2b1cbcfa7ac23a758091]: Reg. 11(1)-(1B) substituted for reg. 11(1) (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(a)

[^key-e4f0166d5e3df52851a26eadd9dee6d1]: Words in Sch. 1 para. 3 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), arts. 1(1), 3, Sch. 2 para. 14

[^key-eb7f92d527d04291ed7b72ea2d3d7bc8]: Words in reg. 2(b) substituted (E.W.S.) (6.4.2013) by The Occupational and Stakeholder Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/459) , regs. 1 , 6

[^key-ece1f2e072c90d94d69f6499e7ff687a]: Words in reg. 7(1)(a)(ii) inserted (E.W.S.) (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711) , regs. 1(1) , 32(3)(b) (with regs. 6 , 41 , 44(1) , 47(1) , 69(2) , 72(1) , 76(1) ); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

[^key-ef2e453499b627bce31655d6aa61f40b]: Schs. 1A-1B inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 1

[^key-f040b9c578e89ec5ea86f32bbde1d82f]: Words in reg. 7B(1) inserted (E.W.S.) (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711) , regs. 1(1) , 32(5)(b) (with regs. 6 , 41 , 44(1) , 47(1) , 69(2) , 72(1) , 76(1) ); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2

[^key-f195127e7f31e5d74522c25a90abf631]: Words in reg. 15 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), 6(3)(b)

[^key-f19d0fbff5f6f6ce5c7d44d2b347407a]: Reg. 11(4A) inserted (15.2.2005) by Occupational Pension Schemes (Winding Up, Deficiency on Winding Up and Transfer Values) (Amendment) Regulations 2005 (S.I. 2005/72) , regs. 1(1) , 4(b)

[^key-f2f2ef626a97725d3549331c8be792ba]: Words in reg. 1(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), 2(2)

[^key-f63ce38d8fe6a96fb8fb8af4669d5514]: Words in reg. 1(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), 2(4)

[^key-f78c0b67e1f89461d32db748e5a5cdf5]: Reg. 6(1C) inserted (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(4)(c)

[^key-fa02444a0da9c37d9878d555171d7aed]: Sch. 1A para. 2 modified by SI 2000/1053 reg. 16(2)(a) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 2 para. 6(c) )

[^key-feb86fc1db46905cf347f05627e5d9a8]: Words in reg. 13(c) substituted (6.4.2005) by Pensions Regulator (Freezing Orders and Consequential Amendments) Regulations 2005 (S.I. 2005/686) , regs. 1(1) , 4(3)(c)

[^key-ff5f1a33bf7a120ac0e658bc0918d000]: Reg. 7A(2) modified by SI 2000/1052 reg. 4(4)(d) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 2 para. 5(b) )

[^M_F_4a1e1078-dbb7-4b59-bc6f-2eefa0e0babf]: Sch. 1A para. 2(c) and word inserted (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) , 10(2)(b)

[^M_F_9e2b25cd-a496-49db-81fe-43cdf843b241]: Words in reg. 1(2) substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 2(c)

Manner of calculation of initial cash equivalents for salary related benefits other than cash balance benefits not calculated by reference to final salary

7A

• (1) For salary related benefits other than cash balance benefits in respect of which the available sum is not calculated by reference to final salary, the initial cash equivalent is to be calculated—

• (a) on an actuarial basis; and

• (b) in accordance with paragraph (2) and regulation 7B.

• (2) The initial cash equivalent is the amount at the guarantee date which is required to make provision within the scheme for a member’s accrued benefits, options and discretionary benefits.

• (3) For the purposes of paragraph (2), the trustees must determine the extent—

• (a) of any options the member has which would increase the value of his benefits under the scheme;

• (b) of any adjustments they decide to make to reflect the proportion of members likely to exercise those options; and

• (c) to which any discretionary benefits should be taken into account, having regard to any established custom for awarding them and any requirement for consent before they are awarded.

Initial cash equivalents for salary related benefits other than cash balance benefits not calculated by reference to final salary: assumptions and guidance

7B

• (1) The trustees must calculate the initial cash equivalent for salary related benefits other than cash balance benefits in respect of which the available sum is not calculated by reference to final salary—

• (a) by using the assumptions determined under this regulation; and

• (b) where the scheme falls within paragraph (6), in accordance with the guidance referred to in that paragraph.

• (2) Having taken the advice of the actuary, the trustees must determine the economic, financial and demographic assumptions.

• (3) In determining the demographic assumptions, the trustees must have regard to—

• (a) the main characteristics of the members of the scheme; or

• (b) where the members of the scheme do not form a large enough group to allow demographic assumptions to be made, the characteristics of a wider population sharing similar characteristics to the members.

• (4) Except where the scheme falls within paragraph (6), the trustees must have regard to the scheme’s investment strategy when deciding what assumptions will be included in calculating the discount rates in respect of the member.

• (5) The trustees must determine the assumptions under this regulation with the aim that, taken as a whole, they should lead to the best estimate of the initial cash equivalent.

• (6) A scheme falls within this paragraph if it is a public service pension scheme in respect of which guidance has been prepared, and from time to time revised, by the Treasury for calculating the discount rates.

Manner of calculation of initial cash equivalents for money purchase benefits (other than collective money purchase benefits) and cash balance benefits not calculated by reference to final salary

7C

• (1) For cash balance benefits in respect of which the available sum is not calculated by reference to final salary and money purchase benefits other than collective money purchase benefits, the initial cash equivalent is to be calculated in accordance with this regulation.

• (2) The initial cash equivalent is the realisable value at the date of calculation of any benefits to which the member is entitled.

• (3) The trustees must calculate that realisable value—

• (a) in accordance with the scheme rules; and

• (b) in a manner which is—

• (i) approved by the trustees; and

• (ii) consistent with Chapter 1 of Part 4ZA of the 1993 Act.

• (4) The realisable value must include—

• (a) for money purchase benefits, any increases to the benefits resulting from a payment of interest made in accordance with the scheme rules; or

• (b) for cash balance benefits—

• (i) any interest (including notional interest) which, in accordance with the scheme rules, applies to the available sum in respect of which the benefits are calculated;

• (ii) any guarantee which, in accordance with the scheme rules, applies to the available sum in respect of the benefits or to the contributions made by the member or by another person in respect of the member;

• (iii) any options the member has which would increase the value of the member’s benefits under the scheme (adjusted to reflect the proportion of members the trustees determine are likely to exercise those options); and

• (iv) any discretionary benefits which the trustees determine should be taken into account, having regard to any established custom for awarding the benefits and any requirement for consent before they are awarded.

Reductions to initial cash equivalents

7D

• (1) For salary-related benefits an initial cash equivalent may, or as the case may be must, be reduced in accordance with Schedule 1A (reductions in initial cash equivalents).

• (2) For the purposes of paragraph (1) the trustees may—

• (a) request an insufficiency report from the actuary in accordance with Schedule 1B (insufficiency reports); or

• (b) treat the actuary’s last relevant GN11 report as an insufficiency report.

• (3) For money purchase benefits, an initial cash equivalent may, or as the case may be, must be reduced in accordance with paragraphs 7, 10, 11, 14 and 15 of Schedule 1A (reductions in initial cash equivalents).

Alternative manner of calculating and verifying cash equivalents

7E

• (1) This regulation applies where the trustees have decided to calculate and verify the cash equivalent in accordance with regulation 7(1)(b).

• (2) The cash equivalent is to be calculated and verified in such manner as may be approved by the trustees.

• (3) The cash equivalent must be higher than it would be if it was calculated and verified in accordance with regulation 7(1)(a).

• (4) For the purposes of calculating and verifying the cash equivalent, the trustees may request an insufficiency report from the actuary in accordance with Schedule 1B.

• (5) The trustees may treat the actuary’s last relevant GN11 report as an insufficiency report.

Increases and reductions of guaranteed cash equivalents

Increases of cash equivalents on late payment

Disclosure

3

Where information is made available under paragraph 1 or 2 to a member of a salary related scheme, the information to be made available to such a member also includes—

• (a) a statement that the Financial Conduct Authority, the Regulatory Authority and the Money and Pensions Service provide information about transfers that may assist the member in deciding whether to transfer;

• (b) if the scheme is an eligible scheme as defined in section 126 of the 2004 Act (eligible schemes), confirmation that the scheme is so eligible and that the Board of the Pension Protection Fund exists;

• (c) except where section 48 of the Pension Schemes Act 2015 applies, a recommendation that the member should take financial advice before making decisions about transfers.

SCHEDULE 1A — Reductions in initial cash equivalents

1

In a case where two or more paragraphs of this Schedule apply, they must be applied in the order in which they occur in this Schedule.

2

In the case of a scheme to which Part 3 of the 2004 Act (scheme funding) applies, the member’s initial cash equivalent may be reduced by the trustees if—

• (a) the insufficiency conditions are met; ...

• (b) the insufficiency report has an effective date which is no earlier than the effective date of the most recent actuarial valuation received by the trustees in accordance with section 224(4) of the 2004 Act (scheme funding); and

• (c) the guarantee date shown in the statement of entitlement is at least one year before the member attains normal pension age in relation to the rights to benefits covered by the statement of entitlement.

3

The insufficiency conditions are that the last insufficiency report shows that at the effective date of the report—

• (a) the scheme had assets that were insufficient to cover the insufficiency report liabilities in respect of all the members; and

• (b) the assets were insufficient to cover in full any category of insufficiency report liabilities that is an equivalent category of liabilities for benefits in respect of which the member’s cash equivalent is being calculated.

4

If the insufficiency conditions are met the trustees may reduce, by a percentage not exceeding the deficiency percentage, any part of the member’s initial cash equivalent that is payable in respect of such an equivalent category of liabilities as are mentioned in paragraph 3(b).

5

The deficiency percentage for any such part of a member’s initial cash equivalent is the percentage by which the insufficiency report shows that the assets were insufficient to cover that category of liabilities.

6

If, by virtue of regulations made under section 232 of the 2004 Act (power to modify provisions of Part 3), Part 3 of that Act applies to a section of a scheme as if that section were a separate scheme, paragraphs 2 and 3 apply as if that section were a separate scheme and as if the reference to a scheme were accordingly a reference to that section.

7

In a case where a contributions equivalent premium has been paid in respect of a member in accordance with section 55 of the 1993 Act (payment of state scheme premiums on termination of certified status), the initial cash equivalent must be reduced (to nil if need be) to the extent that it represents the member’s accrued rights which have been extinguished by virtue of section 60 of the 1993 Act (effect of payment of premiums on rights) by payment of that premium.

8

Where—

• (1) The cash equivalent shown in a member’s statement of entitlement—

• (i) relates to safeguarded benefits, as defined in [clause 48(8)] of the Pension Schemes Act 2015; and

• (ii) is to be used for acquiring transfer credits in relation to safeguarded benefits under the rules of another scheme; and

• (2) The receiving scheme has undertaken to provide benefits at least equal in value to the benefits represented by that cash equivalent on payment of a lesser sum (including nil),

the initial cash equivalent may be reduced so that the cash equivalent is that lesser sum.

9

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10

Where all or any of a member’s benefits have been appropriately secured, the initial cash equivalent in respect of those benefits must be reduced so that the cash equivalent is nil.

11

For the purposes of paragraph 10, “appropriately secured” means the same as in section 19 of the 1993 Act (discharge of liability where guaranteed minimum pensions secured by insurance policies or annuity contracts), except that a policy of insurance or annuity contract which is taken out or entered into with an authorised friendly society (as defined for the purposes of regulation 6 of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 (means of assuring short service benefit)), but which otherwise satisfies the conditions for being appropriate for the purposes of section 19 of that Act, is to be treated as if it were appropriate for the purposes of that section provided the terms of such policy or contract are not capable of being amended, revoked or rescinded.

12

Where a scheme has (in the case of a cash equivalent mentioned in section 93A of the 1993 Act, before the guarantee date) begun to be wound up, an initial cash equivalent 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.

13

If, by virtue of regulations made under section 73B(4)(b)(i) of the 1995 Act (sections 73 and 73A: supplementary) 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 12 applies as if that section were a separate scheme and as if the references to a scheme were accordingly references to that section.

14

Where all or any of the benefits to which an initial cash equivalent 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, the initial cash equivalent of the benefits so surrendered, commuted or forfeited must be reduced so that the cash equivalent is nil.

15

The trustees may reduce an initial cash equivalent to reflect any reasonable administration costs were the member to leave the scheme and must offset against these costs any reasonable administrative savings.

SCHEDULE 1B — Insufficiency Reports

1

Where the trustees have requested an insufficiency report under regulation 7D(2) or 7E(4), the actuary is responsible for the preparation of the report.

2

The insufficiency report must contain—

• (a) a comparison, as at the effective date of the report, between the insufficiency report liabilities of all members and the market value of the assets of the scheme; and

• (b) a statement of any allowance the actuary makes under paragraph 3.

3

The actuary may deduct from the assets of the scheme an allowance which—

• (a) is of such amount as he considers reasonable in the circumstances of the scheme; and

• (b) represents the expenses associated with wind up.

4

Where it appears to the actuary that the circumstances are such that it is appropriate, he may exclude any rights under an insurance policy from the scheme assets.

5

Where rights under an insurance policy are excluded under paragraph 4, the liabilities secured by the policy must be disregarded for the purposes of the insufficiency report.

6

The value of any rights under an insurance policy included in the scheme assets must be the value the actuary considers appropriate.

7

The insufficiency report liabilities are—

• (a) for active members with vested rights, calculated and verified in accordance with regulations 7 to 7E and Schedule 1A as appropriate except that—

• (i) paragraphs 2 to 6 of Schedule 1A are to be disregarded;

• (ii) references to “guarantee date” are to be taken to mean the effective date of the report; and

• (iii) it is to be assumed that the member ceases pensionable service on the effective date;

• (b) for deferred members, calculated and verified in accordance with regulations 7 to 7E and Schedule 1A as appropriate except that—

• (i) paragraphs 2 to 6 of Schedule 1A are to be disregarded; and

• (ii) references to “guarantee date” are to be taken to mean the effective date of the report;

• (c) for pensioner members, calculated and verified in accordance with regulations 7 to 7C as appropriate except that references to “guarantee date” are to be taken to mean the effective date of the report;

• (d) for members over normal pension age not in receipt of a pension, calculated and verified—

• (i) in the same way as those of pensioner members; and

• (ii) on the assumption that the member’s pension comes into payment on the effective date of the report;

• (e) for pension credit members, calculated and verified in accordance with regulations 7 to 7E and Schedule 1A as appropriate except that—

• (i) paragraphs 2 to 6 of Schedule 1A are to be disregarded; and

• (ii) references to “guarantee date” are to be taken to mean the effective date of the report; and

• (f) for members with unvested rights, equal to the amount of the unvested contributions and the actuary is to assume that the member ceases pensionable service on the effective date of the report.

8

When preparing the insufficiency report—

• (a) the actuary must make estimates comparing the relevant assets with the relevant liabilities of the scheme in respect of each category of liability;

• (b) for the purposes of sub-paragraph (a), the actuary may use one or more categories of liability;

• (c) where the actuary uses more than one category, he must have regard to the priority order on winding up specified in section 73(3) of the 1995 Act (preferential liabilities on winding up); and

• (d) in determining the extent and content of the category or categories of liabilities, the actuary may use such approximations as he considers reasonable.

9

In this Schedule—

• “relevant assets” means, subject to paragraphs 2(b) to 6, for a particular category of liability, the market value of the scheme assets, less the total of the relevant liabilities for all categories with greater priority under the priority order and are not to exceed the maximum of the relevant liabilities for that category.

• “relevant liabilities” means, for a particular category of liability, the sum of all insufficiency report liabilities falling into that category.

... statements of entitlement

Increases and reductions of cash equivalents shown in the statement of entitlement

Collective money purchase schemes during winding-up

2A

• (1) Chapter 1 of Part 4ZA of the 1993 Act does not apply to a member of a collective money purchase scheme which is pursuing continuity option 1 within the meaning of sections 34 and 36 of the Pension Schemes Act 2021, during the winding-up period for that scheme.

• (2) In this regulation, “winding-up period” has the meaning given by paragraph 1(1) of Schedule 6 to the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022.

Rules on continuation in employment after termination of pensionable service

Right to further cash equivalent on termination of employment to which the scheme applies

Treatment of a number of employments as a single employment

Manner of calculation of initial cash equivalents for collective money purchase benefits

7ZC

• (1) For collective money purchase benefits, the initial cash equivalent is the realisable value of the member’s share at the date of calculation of the available assets of the collective money purchase scheme, and is to be calculated—

• (a) on an actuarial basis;

• (b) using assumptions determined in accordance with this regulation; and