Pensions Citation and commencement 1 These Regulations may be cited as the Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations 2008 and shall come into force on 13th October 2008. Amendment of the Personal Pension Schemes (Transfer Values) Regulations 1987 2 1 The Personal Pension Schemes (Transfer Values) Regulations 1987 are amended in accordance with this regulation. 2 In regulation 3(2) (manner of calculation and verification of cash equivalents) , after “realisable value” insert “at the date of calculation”. Amendment of the Occupational Pension Schemes (Transfer Values) Regulations 1996 3 1 The Occupational Pension Schemes (Transfer Values) Regulations 1996 are amended in accordance with this regulation. 2 In regulation 7B (initial cash equivalents for salary related benefits: assumptions) — a for the heading and paragraph (1), substitute— Initial cash equivalents for salary related benefits: assumptions and guidance 7B 1 The trustees must calculate the initial cash equivalent for salary related benefits— 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. ; b in paragraph (4), for “The trustees must” substitute “Except where the scheme falls within paragraph (6), the trustees must”; and c after paragraph (5), insert— 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 . . 3 In regulation 7C(2) (manner of calculation of initial cash equivalents for money purchase benefits) , after “realisable value” insert “at the date of calculation”. Amendment of the Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations 2006 4 1 The Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations 2006 are amended in accordance with this regulation. 2 In regulation 2B (initial cash transfer sum for salary related benefits: assumptions) — a for the heading and paragraph (1), substitute— Initial cash transfer sum for salary related benefits: assumptions and guidance 2B 1 The trustees or managers must calculate the initial cash transfer sum for salary related benefits— 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. ; b in paragraph (4), for “The trustees or” substitute “Except where the scheme falls within paragraph (6), the trustees or”; and c after paragraph (5), insert— 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 . . 3 In regulation 2C(2) (manner of calculation of initial cash transfer sums for money purchase benefits) , after “realisable value” insert “at the date of calculation”. 4 In regulation 2D (alternative manner of calculating and verifying cash transfer values) — a in the heading, for “cash transfer values” substitute “cash transfer sums”; and b in all four places where “cash transfer value” appears, substitute “cash transfer sum”. Signed by authority of the Secretary of State for Work and Pensions. Mike O’Brien Minister of State, Department for Work and Pensions 18th September 2008