Local Government Pension Scheme (Administration) Regulations (Northern Ireland) 2009

Admission agreement funds

28.—(1) Where the Committee has made an admission agreement, it may establish a further pension fund (an “admission agreement fund”) in addition to the fund.

(2) Immediately the Committee establishes an admission agreement fund, it must give the Department written notice that it has done so.

(3) The notice must specify the admission bodies whose employees are eligible for benefits from the admission agreement fund.

(4) Where an admission agreement fund is established—

(a) the liabilities of the fund as respects membership in employment with those specified bodies become liabilities of the admission agreement fund; and

(b) assets of such value as an actuary appointed by the Committee determines to be appropriate must be transferred from the fund to the admission agreement fund.

(5) When valuations under regulation 31 (actuarial valuations and certificates) of both the fund and the admission agreement fund are first obtained after the admission agreement fund is established, the Committee must obtain a transfer statement from the actuary appointed by the Committee.

(6) The transfer statement must specify whether, in the opinion of the actuary, there is a need for further assets to be transferred from the fund to the admission agreement fund and, if so, their value.

(7) Where the transfer statement specifies that assets of a specified value need to be transferred, the Committee must arrange for assets of that value to be transferred as soon as is reasonably practicable.