Statutory Instruments 1998 No. 1397

Statutory Instruments 1998 No. 1397
The Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998 - continued

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TABLE 4
WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS) WHO HAVE A PENSIONABLE AGE BETWEEN 60 AND 65 AND ARE UNDER THAT AGE

	Relevant tax year	1997/98	1998/99	1999/2000	2000/01	2001/02
Tax year of birth	Factor D
1950/51 1951/52 1952/53 1953/54 1954/55		10.76 10.03 9.32 8.65 8.00	11.01 10.25 9.53 8.84 8.17	11.26 10.49 9.75 9.04 8.35	11.52 10.73 9.97 9.24 8.54	11.79 10.97 10.19 9.45 8.73
Tax year of birth	Factor E1
1950/51 1951/52 1952/53 1953/54 1954/55		6.53 6.06 5.61 5.19 4.78	6.71 6.23 5.77 5.34 4.92	6.91 6.41 5.94 5.49 5.06	7.11 6.59 6.11 5.64 5.20	7.32 6.79 6.28 5.80 5.35
Tax year of birth	Factor E2
1950/51 1951/52 1952/53 1953/54 1954/55		7.03 6.59 6.18 5.78 5.40	7.19 6.74 6.32 5.91 5.52	7.35 6.90 6.46 6.04 5.64	7.52 7.05 6.61 6.18 5.77	7.69 7.21 6.76 6.32 5.90
Tax year of birth	Factor F1
1950/51 1951/52 1952/53 1953/54 1954/55		8.65 8.00 7.37 6.78 6.21	8.91 8.23 7.58 6.97 6.39	9.17 8.47 7.80 7.17 6.57	9.43 8.71 8.03 7.38 6.76	9.71 8.97 8.26 7.59 6.95
Tax year of birth	Factor F2
1950/51 1951/52 1952/53 1953/54 1954/55		9.32 8.71 8.12 7.56 7.02	9.53 8.90 8.30 7.73 7.17	9.75 9.11 8.49 7.90 7.33	9.98 9.32 8.68 8.08 7.49	10.21 9.53 8.88 8.26 7.66

TABLE 5
MEN AND WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS) WHO HAVE ATTAINED PENSIONABLE AGE

Age attained in relevant tax year	MEN			WOMEN
	FACTOR G	FACTOR H	FACTOR I	FACTOR J	FACTOR K	FACTOR L
60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89	- - - - - 13.45 13.03 12.61 12.18 11.75 11.32 10.89 10.47 10.05 9.63 9.22 8.81 8.41 8.01 7.61 7.22 6.83 6.45 6.07 5.70 5.33 5.00 4.69 4.39 4.10	- - - - - 9.44 9.23 9.02 8.80 8.57 8.34 8.11 7.87 7.63 7.38 7.14 6.89 6.64 6.38 6.12 5.86 5.60 5.34 5.07 4.80 4.53 4.29 4.06 3.83 3.60	- - - - - 11.88 11.55 11.22 10.88 10.53 10.19 9.84 9.49 9.14 8.79 8.44 8.10 7.75 7.41 7.06 6.72 6.38 6.05 5.71 5.38 5.04 4.75 4.47 4.19 3.93	15.93 15.56 15.17 14.76 14.35 13.93 13.50 13.06 12.61 12.16 11.71 11.26 10.81 10.36 9.93 9.50 9.08 8.67 8.26 7.86 7.47 7.09 6.72 6.36 6.01 5.67 5.36 5.06 4.78 4.52	10.37 10.21 10.04 9.86 9.67 9.47 9.27 9.05 8.83 8.60 8.36 8.12 7.88 7.63 7.39 7.15 6.90 6.66 6.41 6.16 5.92 5.68 5.44 5.20 4.96 4.74 4.51 4.30 4.09 3.90	13.80 13.53 13.23 12.93 12.62 12.29 11.96 11.61 11.26 10.89 10.53 10.16 9.79 9.42 9.06 8.70 8.34 7.99 7.64 7.29 6.95 6.62 6.29 5.97 5.66 5.36 5.08 4.81 4.55 4.31

TABLE 6
SURVIVING SPOUSE MEMBERS

Age attained in relevant tax year	WIDOWERS		WIDOWS
	FACTOR M	FACTOR N	FACTOR O	FACTOR P	FACTOR Q
25 and below 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 and over	5.95 6.07 6.28 6.51 6.77 7.08 7.43 7.82 8.19 8.56 8.91 9.24 9.53 9.81 10.08 10.29 10.47 10.61 10.73 10.84 10.94 11.01 11.06 11.10 11.14 11.18 11.22 11.27 11.32 11.36 11.39 11.42 11.44 11.45 11.44 11.43 11.41 11.46 11.59 11.78 11.82 11.70 11.33 10.96 10.60 10.24 9.89 9.54 9.19 8.84 8.49 8.15 7.81 7.48 7.15 6.82 6.50 6.19 5.89 5.60 5.31 5.04 4.78 4.53 4.29 4.06 3.84 3.64 3.44 3.26 3.09	5.42 5.51 5.68 5.86 6.08 6.33 6.62 6.93 7.24 7.55 7.84 8.11 8.35 8.58 8.80 8.98 9.12 9.24 9.34 9.44 9.52 9.59 9.64 9.67 9.71 9.76 9.80 9.86 9.91 9.95 10.00 10.03 10.07 10.09 10.10 10.11 10.11 10.18 10.31 10.50 10.56 10.49 10.19 9.89 9.59 9.30 9.00 8.71 8.41 8.12 7.83 7.53 7.24 6.95 6.66 6.38 6.10 5.82 5.55 5.29 5.03 4.79 4.55 4.32 4.10 3.89 3.69 3.50 3.31 3.14 2.98	10.56 11.04 11.53 12.04 12.54 13.04 13.53 13.99 14.43 14.83 15.18 15.47 15.69 15.83 15.95 16.05 16.13 16.18 16.20 16.21 16.22 16.23 16.24 16.22 16.20 16.18 16.14 16.10 16.09 16.13 16.15 16.07 15.90 15.56 15.21 14.86 14.49 14.13 13.75 13.38 13.00 12.62 12.23 11.84 11.44 11.05 10.65 10.25 9.86 9.46 9.07 8.67 8.28 7.90 7.52 7.15 6.79 6.44 6.10 5.77 5.46 5.17 4.90 4.64 4.39 4.15 3.93 3.71 3.51 3.31 3.11	6.85 7.09 7.33 7.59 7.85 8.11 8.36 8.61 8.85 9.07 9.27 9.44 9.58 9.67 9.76 9.83 9.90 9.96 10.00 10.04 10.08 10.13 10.17 10.21 10.24 10.28 10.31 10.34 10.40 10.48 10.56 10.59 10.56 10.42 10.28 10.12 9.96 9.80 9.62 9.45 9.26 9.07 8.87 8.67 8.46 8.24 8.02 7.79 7.56 7.32 7.08 6.83 6.58 6.33 6.09 5.84 5.59 5.34 5.10 4.87 4.64 4.43 4.22 4.02 3.83 3.65 3.48 3.31 3.15 2.99 2.83	8.96 9.33 9.71 10.11 10.51 10.91 11.29 11.67 12.02 12.34 12.64 12.88 13.07 13.20 13.31 13.40 13.48 13.54 13.58 13.62 13.65 13.68 13.71 13.72 13.74 13.74 13.75 13.74 13.77 13.83 13.89 13.86 13.76 13.51 13.25 12.98 12.71 12.43 12.14 11.85 11.55 11.25 10.94 10.63 10.31 9.98 9.66 9.33 9.00 8.66 8.33 7.99 7.66 7.33 7.00 6.67 6.36 6.05 5.74 5.45 5.17 4.91 4.66 4.42 4.19 3.98 3.77 3.57 3.38 3.20 3.01

SCHEDULE 2Regulation 4

TABLE FOR DERIVING THE INDEX NUMBER FROM 15 YEAR GROSS REDEMPTION YIELD

Yield per cent	Index number
5.00% - 5.06%	1.30
5.07% - 5.14%	1.29
5.15% - 5.22%	1.28
5.23% - 5.30%	1.27
5.31% - 5.39%	1.26
5.40% - 5.47%	1.25
5.48% - 5.56%	1.24
5.57% - 5.64%	1.23
5.65% - 5.73%	1.22
5.74% - 5.82%	1.21
5.83% - 5.91%	1.20
5.92% - 6.00%	1.19
6.01% - 6.08%	1.18
6.09% - 6.17%	1.17
6.18% - 6.26%	1.16
6.27% - 6.36%	1.15
6.37% - 6.45%	1.14
6.46% - 6.55%	1.13
6.56% - 6.64%	1.12
6.65% - 6.73%	1.11
6.74% - 6.84%	1.10
6.85% - 6.94%	1.09
6.95% - 7.04%	1.08
7.05% - 7.14%	1.07
7.15% - 7.24%	1.06
7.25% - 7.35%	1.05
7.36% - 7.45%	1.04
7.46% - 7.56%	1.03
7.57% - 7.67%	1.02
7.68% - 7.78%	1.01
7.79% - 7.90%	1.00
7.91% - 8.01%	0.99
8.02% - 8.12%	0.98
8.13% - 8.24%	0.97
8.25% - 8.36%	0.96
8.37% - 8.48%	0.95
8.49% - 8.60%	0.94
8.61% - 8.73%	0.93
8.74% - 8.86%	0.92
8.87% - 8.98%	0.91
8.99% - 9.11%	0.90
9.12% - 9.24%	0.89
9.25% - 9.38%	0.88
9.39% - 9.51%	0.87
9.52% - 9.65%	0.86
9.66% - 9.79%	0.85
9.80% - 9.94%	0.84
9.95% - 10.09%	0.83
10.10% - 10.23%	0.82
10.24% - 10.39%	0.81
10.40% - 10.54%	0.80

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations are made under provisions of the Pensions Act 1995 which relate to the restoration of members' State scheme rights in cases where an occupational pension scheme winds up insolvent.

Regulation 1 provides for citation, commencement and interpretation.

Regulations 2 to 4 provide for the determination by the Secretary of State of the amount required for restoring a member's State scheme rights. Regulation 2 provides for this to be the amount of a contributions equivalent premium where such a premium is payable. Regulations 3 and 4 provide the method of calculation in other cases. This requires the application of actuarial tables to weekly amounts representing the state benefits which the member would have foregone by reason of being contracted-out and adjustment of the amount obtained to reflect prevailing market conditions.

Regulation 5 amends the Occupational Pension Schemes (Contracting-out) Regulations 1996 by providing for persons with a right to a widow's or widower's pension under an occupational pension scheme to be regarded as members for the purpose of the provisions relating to restoration of State scheme rights.

Schedule 1 sets out the actuarial factors to be applied for the purposes of regulation 3.

Schedule 2 sets out a table for deriving an index number for the purposes of the market value adjustment in regulation 4.

An assessment of the compliance cost to business of the measures arising from the Pensions Act 1995, including these Regulations, has been placed in the libraries of both Houses of Parliament. Copies can be obtained by post from the Department of Social Security, The Adelphi, 1-11 John Adam Street, London WC2N 6HT.

ISBN 0 11 079223 1

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