The Occupational Pension Schemes (Transfer Values etc.) (Coal Staff and Mineworkers' Schemes) (Amendment) Regulations 2006

• Citation: S.I. 2006/34
• Sections: 4

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Occupational Pension Schemes (Transfer Values etc.) (Coal Staff and Mineworkers' Schemes) (Amendment) Regulations 2006 and shall come into force on 6th February 2006.

(2) In these Regulations—

“the Pension Credit Benefit Regulations” means the Pension Sharing (Pension Credit Benefit) Regulations 2000 ;

“the Transfer Values Regulations” means the Occupational Pension Schemes (Transfer Values) Regulations 1996 ;

“the Valuation Regulations” means the Pension Sharing (Valuation) Regulations 2000 .

Section 2 Amendment of the Transfer Values Regulations

(1) Regulation 7 of the Transfer Values Regulations (manner of calculation and verification of cash equivalents) is amended in accordance with this regulation.

(2) In paragraph (1) for “paragraph (2) or (5)” substitute “paragraph (2), (2A) or (5)”.

(3) After paragraph (2) insert—

(2A) Where a member, in relation to whom a cash equivalent is to be calculated and verified, is a member of a scheme modified by—

(a) the British Coal Staff Superannuation Scheme (Modification) Regulations 1994 ; or

(b) the Mineworkers' Pension Scheme (Modification) Regulations 1994 ,

the cash equivalent of his bonus shall be calculated and verified by the actuary to reflect the fact that a reduced bonus, or no bonus, may become payable in accordance with the provisions governing the scheme in question.

(2B) For the purposes of paragraph (2A) “bonus” means any—

(a) augmentation of his benefits; or

(b) new, additional or alternative benefits,

which the trustees of the scheme in question have applied to the member’s benefits, or granted to him in accordance with the provisions governing that scheme, on the basis of findings as to that scheme’s funding position.

Section 3 Amendment of the Pension Credit Benefit Regulations

(1) Regulation 24 of the Pension Credit Benefit Regulations (manner of calculation and verification of cash equivalents) is amended in accordance with this regulation.

(2) In paragraph (1) for “paragraph (2) or (5)” substitute “paragraph (2), (2A) or (5)”.

(3) After paragraph (2) insert—

(2A) Where an eligible member, in relation to whom a cash equivalent is to be calculated and verified, is a member of a scheme modified by—

(a) the British Coal Staff Superannuation Scheme (Modification) Regulations 1994; or

(b) the Mineworkers' Pension Scheme (Modification) Regulations 1994,

the cash equivalent of his bonus shall be calculated and verified by the actuary to reflect the fact that a reduced bonus, or no bonus, may become payable in accordance with the provisions governing the scheme in question.

(2B) For the purposes of paragraph (2A) “bonus” means any—

(a) augmentation of his benefits; or

(b) new, additional or alternative benefits,

which the trustees of the scheme in question have applied to the eligible member’s benefits, or granted to him in accordance with the provisions governing that scheme, on the basis of findings as to that scheme’s funding position.

Section 4 Amendment of the Valuation Regulations

(1) Regulation 4 of the Valuation Regulations (manner of calculation and verification of cash equivalents) is amended in accordance with this regulation.

(2) In paragraph (1) for “paragraph (2) or (5)” substitute “paragraph (2), (2C) or (5)”.

(3) After paragraph (2B) insert—

(2C) Where a transferor, in relation to whom a cash equivalent is to be calculated and verified, is a member of a scheme modified by—

(a) the British Coal Staff Superannuation Scheme (Modification) Regulations 1994; or

(b) the Mineworkers' Pension Scheme (Modification) Regulations 1994,

the cash equivalent of his bonus shall be calculated and verified by the actuary to reflect the fact that a reduced bonus, or no bonus, may become payable in accordance with the provisions governing the scheme in question.

(2D) For the purposes of paragraph (2C) “bonus” means any—

(a) augmentation of his benefits; or

(b) new, additional or alternative benefits,

which the trustees of the scheme in question have applied to the transferor’s benefits, or granted to him in accordance with the provisions governing that scheme, on the basis of findings as to that scheme’s funding position.