The Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights) Amendment Regulations 2007

• Citation: S.I. 2007/366
• Sections: 3

Section 1 Citation, commencement, interpretation and application

(1) These Regulations may be cited as the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights) Amendment Regulations 2007.

(2) These Regulations come into force on 6th April 2007.

(3) Regulations 2 and 3 apply if the effective date is on or after 6th April 2007.

(4) In paragraph (3) “the effective date” means—

(a) in the case of regulation 2, the date on which Her Majesty’s Revenue and Customs determine for the purposes of paragraph 5(3A) to (3E) of Schedule 2 to the Pension Schemes Act 1993 (resources of scheme insufficient on winding up) the extent to which the resources of a scheme are insufficient to meet the liability for the cash equivalent of the member’s rights under the scheme; and

(b) in the case of regulation 3, the date on which Her Majesty’s Revenue and Customs determine for the purposes of paragraph 5(3A) to (3E) of Schedule 1 to the Pension Schemes (Northern Ireland) Act 1993 (resources of scheme insufficient on winding up) the extent to which the resources of a scheme are insufficient to meet the liability for the cash equivalent of the member’s rights under the scheme.

(5) This regulation, in so far as it relates to regulation 2, and regulation 2 apply to England, Wales and Scotland.

(6) This regulation, in so far as it relates to regulation 3, and regulation 3 apply to Northern Ireland.

Section 2 Amendment of the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998

(1) Amend the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998 (“the 1998 Regulations ”) as follows.

(2) For the tables in Schedule 1 substitute the tables set out in Schedule 1 to these Regulations.

(3) For the table in Schedule 2 substitute the table set out in Schedule 2 to these Regulations.

Section 3 Amendment of the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998

(1) Amend the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998 (“the 1998 Regulations”) as follows.

(2) For the tables in Schedule 1 substitute the tables set out in Schedule 1 to these Regulations.

(3) For the table in Schedule 2 substitute the table set out in Schedule 2 to these Regulations.