The Occupational Pension Schemes (Scheme Funding) Regulations 2005

9.—(1) The Pension Sharing (Valuation) Regulations 2000 M1 are amended as follows.

(2) In regulation 1(2) (interpretation), after the definition of “the 1999 Act” insert—

““the 2004 Act” means the Pensions Act 2004;”.

(3) In regulation 4 (calculation and verification of cash equivalents)—

(a) insert the word “ and ” at the end of paragraph (3)(b)(i);

(b) omit the word “and” at the end of paragraph (3)(b)(ii), and

(c) omit paragraphs (3)(b)(iii) and (4).

(4) In regulation 5 (further provisions as to calculation of cash equivalents)—

(a) in paragraph (3), for “section 56 of the 1995 Act” substitute “ Part 3 of the 2004 Act ”;

(b) in paragraph (3B), omit “then, subject to paragraph (3D)”;

(c) omit paragraphs (3D) to (3I), (3K) and (3L);

(d) in paragraph (4)—

(i) for “Schedule 5 to the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996” substitute “ Schedule 2 to the Occupational Pension Schemes (Scheme Funding) Regulations 2005 ”;

(ii) for “section 56 of the 1995 Act” substitute “ Part 3 of the 2004 Act ”, and

(iii) for “paragraphs (3), (3A) and (3G)” substitute “ paragraphs (3) and (3A) ”, and

(e) in paragraph (5), for “paragraphs (3) and (3F)” substitute “ paragraph (3) ”.

Marginal Citations

M1 S.I. 2000/1052; relevant amending instruments are S.I. 2000/2691 and 2005/706.