UK Statutory Instrument SI 2015/892 United Kingdom

The Funded Public Service Pension Schemes (Reduction of Cash Equivalents) Regulations 2015

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Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person2 Trustee1

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Trustee — also bound by 104 other Acts
Charities Act 2011 27 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

sch. para. 4 (1) The initial cash equivalent must be calculated– Regulated
Other duties (1) — Crown / regulator
  • Actuary must calculate initial cash equivalent using scheme-wide determinationsCrown / Minister / Government department
sch. para. 5 (1) Initial cash equivalents must be calculated using the assumptions... Regulated
  • Actuary must use specific assumptions for initial cash equivalentsAny Person
sch. para. 6 The actuary must reduce an initial cash equivalent by the... Regulated
  • Reduce cash equivalent by trustees’ considered reductionAny Person
s.002 Transfer report Regulated
  • Request a transfer report from an actuary when scheme is designatedTrustee
7 other provisions — procedural and definitional
s.001 Citation, commencement and interpretation
s.001 A transfer report must— (a) have an effective date which... (opens in a new tab)
s.002 The transfer report liabilities are— (a) for active members with... (opens in a new tab)
s.003 Reduction of cash equivalent
s.003 Cash equivalents for each member must be calculated by calculating... (opens in a new tab)
s.004 Percentage P
s.005 Specification of amount of reduction by the relevant person

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.