Occupational Pension Schemes (Transfer Values etc.) (Coal Staff and Mineworkers' Schemes) (Amendment) Regulations 2006 c.34

Occupational Pension Schemes (Transfer Values etc.) (Coal Staff and Mineworkers' Schemes) (Amendment) Regulations 2006 No. 34

Summary:

These Regulations make amendments which relate to schemes referred to in the British Coal Staff Superannuation Scheme (Modification) Regulations 1994 (S.I. 1994/2576) ("the British Coal Scheme") and the Mineworkers' Pension Scheme (Modification) Regulations 1994 (S.I. 1994/2577) ("the Mineworkers' Scheme").
Regulation 2 amends the Occupational Pension Schemes (Transfer Values) Regulations 1996 (S.I. 1996/1847) where a cash equivalent transfer value is being calculated for a member of the British Coal Scheme or the Mineworkers' Scheme. Where such a member has been awarded a bonus, or bonuses, the amount of the cash equivalent transfer value payable in respect of such bonuses shall reflect that the bonuses are not guaranteed and could be reduced in the future, as a result of the scheme's funding position.
Regulation 3 makes amendments to the Pension Sharing (Pension Credit Benefit) Regulations 2000 (S.I. 2000/1054) similar to those made in regulation 2.
Regulation 4 makes amendments to the Pension Sharing (Valuation) Regulations 2000 (S.I. 2000/1052) similar to those made in regulation 2.

Made Under:

Welfare Reform and Pensions Act 1999 (C. 30) - sections 30 and 83(4) and (6). In accordance with section 185(1) of the Pension Schemes Act 1993 and section 83(11) of the Welfare Reform and Pensions Act 1999 he has consulted such persons as he considers appropriate.

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