41 Sharing of state scheme rights.E+W+S
(1)In section 49 of the M1Welfare Reform and Pensions Act 1999 (creation of state scheme pension debits and credits), for subsection (4) there shall be substituted—
“(4)The Secretary of State may by regulations make provision about the calculation and verification of cash equivalents for the purposes of this section.
(4A)The power conferred by subsection (4) above includes power to provide—
(a)for calculation or verification in such manner as may be approved by or on behalf of the Government Actuary, and
(b)for things done under the regulations to be required to be done in accordance with guidance from time to time prepared by a person prescribed by the regulations.”
(2)In section 45B of the M2Social Security Contributions and Benefits Act 1992 (pension sharing resulting in reduction of additional Category A retirement pension), for subsection (7) there shall be substituted—
“(7)The Secretary of State may by regulations make provision about the calculation and verification of cash equivalents for the purposes of this section.
(7A)The power conferred by subsection (7) above includes power to provide—
(a)for calculation or verification in such manner as may be approved by or on behalf of the Government Actuary, and
(b)for things done under the regulations to be required to be done in accordance with guidance from time to time prepared by a person prescribed by the regulations.”
(3)In section 55A of that Act (shared additional pension), for subsection (6) there shall be substituted—
“(6)The Secretary of State may by regulations make provision about the calculation and verification of cash equivalents for the purposes of this section.
(6A)The power conferred by subsection (6) above includes power to provide—
(a)for calculation or verification in such manner as may be approved by or on behalf of the Government Actuary, and
(b)for things done under the regulations to be required to be done in accordance with guidance from time to time prepared by a person prescribed by the regulations.”
(4)In section 55B of that Act (pension sharing resulting in reduction of shared additional pension), for subsection (7) there shall be substituted—
“(7)The Secretary of State may by regulations make provision about the calculation and verification of cash equivalents for the purposes of this section.
(7A)The power conferred by subsection (7) above includes power to provide—
(a)for calculation or verification in such manner as may be approved by or on behalf of the Government Actuary, and
(b)for things done under the regulations to be required to be done in accordance with guidance from time to time prepared by a person prescribed by the regulations.”