1.—(1) These Regulations may be cited as the Pension Protection Fund (Reviewable Matters) Regulations (Northern Ireland) 2005 and shall come into operation on 6th April 2005.
(2) In these Regulations “the Order” means the Pensions (Northern Ireland) Order 2005 and any reference to a numbered Article or Schedule is a reference to the Article of, or the Schedule to, the Order bearing that number.
2. Any reference in any paragraph of Schedule 8 (reviewable matters) specified in column 1 of the Schedule to these Regulations to a failure by the Board to do any act or make any determination is to be construed as a reference to a failure by the Board to do the act or make the determination within the period specified in the corresponding paragraph in column 2 of that Schedule.
3. In relation to a partially guaranteed scheme, Schedule 8 applies as if –
(a)in paragraph 8 after “valuation” there were inserted “of the unsecured part”;
(b)in paragraph 9 after “respect” there were inserted “of the unsecured part”; and
(c)after paragraph 15 there were inserted the following paragraphs –
“15A. The failure by the Board to obtain an actuarial valuation of the assets and protected liabilities of the unsecured part of an eligible scheme under Article 144(4A)(1).
15B. The approval of, or failure to approve, a valuation of the assets and protected liabilities of the unsecured part of an eligible scheme under Article 128(2) as applied for the purposes of Article 144(4A).”.
4. In Schedule 8 –
(a)after paragraph 3 there shall be inserted the following paragraph –
“3A. The issue of, or failure to issue, a validation notice under regulation 2(5) of the Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005(2).”; and
(b)after paragraph 17 there shall be inserted the following paragraph –
“17A. The making of a payment under Article 150(2) (amount of any pensions or other benefits which a person had become entitled to payment of under the scheme rules), the amount of any such payment or the failure to make such a payment.”.
Sealed with the Official Seal of the Department for Social Development on 16th March 2005.
L.S.
John O'Neill
A senior officer of the
Department for Social Development