Chwilio Deddfwriaeth

The Pensions (Northern Ireland) Order 2005

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Changes over time for: Section 203

 Help about opening options

Version Superseded: 06/04/2024

Alternative versions:

Status:

Point in time view as at 01/01/2024. This version of this provision has been superseded. Help about Status

Changes to legislation:

The Pensions (Northern Ireland) Order 2005, Section 203 is up to date with all changes known to be in force on or before 12 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Actuarial valuations and reportsN.I.

This adran has no associated Memorandwm Esboniadol

203.—(1) The trustees or managers must obtain actuarial valuations—

(a )F1F2at intervals of not more than one year or, if they obtain actuarial reports for the intervening years, at intervals of not more than three years, and

(b)in such circumstances and on such other occasions as may be prescribed.

(2) In this Part—

(a )F2an “actuarial valuation” means a written report, prepared and signed by the actuary, valuing the scheme's assets and calculating its technical provisions,

(b)the effective date of an actuarial valuation is the date by reference to which the assets are valued and the technical provisions calculated,

(c )F1F2an “actuarial report” means a written report, prepared and signed by the actuary, on developments affecting the scheme's technical provisions since the last actuarial valuation was prepared, and

(d )F1F2the effective date of an actuarial report is the date by reference to which the information in the report is stated.

(3 )F1 The intervals referred to in paragraph (1)(a) are between effective dates of the valuations, and—

(a )F1F2the effective date of the first actuarial valuation must be not more than one year after the establishment of the scheme, and

(b )F1F2the effective date of any actuarial report must be not more than one year after the effective date of the last actuarial valuation, or, if more recent, the last actuarial report.

(4 )F1 F2The trustees or managers must ensure that a valuation or report obtained by them is received by them within the prescribed period after its effective date.

(5 )F1 F2Nothing in this Article affects any power or duty of the trustees or managers to obtain actuarial valuations or reports at more frequent intervals or in other circumstances or on other occasions.

(6 )F1 F2An actuarial valuation or report (whether obtained under this Article or in pursuance of any other power or duty) must be prepared in such a manner, give such information, contain such statements and satisfy such other requirements as may be prescribed.

(7 )F1 F2The trustees or managers must secure that any actuarial valuation or report obtained by them (whether obtained under this Article or in pursuance of any other power or duty) is made available to the employer within seven days of their receiving it.

[F3(7A) As soon as reasonably practicable after receiving an actuarial valuation, the trustees or managers must send a copy of it to the Regulator, together with such other information as may be prescribed.]

(8) Where paragraph (1), (4) [F4or (7)] [F4, (7) or (7A)] is not complied with, Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.

F1mod. by SR 2005/568

F2mod. by SR 2005/570

F4Words in art. 203(8) substituted (11.2.2021 for specified purposes) by Pension Schemes Act 2021 (c. 1), s. 131(2)(d)(3)(c), Sch. 11 para. 4(3)

Yn ôl i’r brig

Options/Cymorth

You have chosen to open The Whole Order

The Whole Order you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Order as a PDF

The Whole Order you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Order without Schedules

The Whole Order without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Order without Schedules as a PDF

The Whole Order without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open y Gorchymyn Cyfan

Y Gorchymyn Cyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open y Gorchymyn Cyfan heb Atodlenni

Y Gorchymyn Cyfan heb Atodlenni you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?