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The Occupational Pension Schemes (Regulatory Own Funds) Regulations 2005

Changes over time for: Section 3

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Regulatory own funds requirementE+W+S

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3.—(1) An occupational pension scheme to which paragraph (3) applies must hold on a permanent basis additional assets above the aggregate of the scheme's technical provisions, in order to absorb discrepancies between the anticipated and actual expenses and profits of the scheme (“the regulatory own funds requirement”).

(2) The additional assets required under paragraph (1) must be—

(a)no less than the amount calculated in accordance with regulation 4; and

(b)free of all foreseeable liabilities.

(3) This paragraph applies to a scheme, where the scheme and not any employer in relation to that scheme—

(a)underwrites any liability to cover against biometric risk;

(b)guarantees an investment performance; or

(c)guarantees a level of benefits.

(4) Where any requirement of this regulation is not complied with, section 10(3) to (9) of the 1995 Act (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to ensure compliance, as if this regulation was made under Part 1 of that Act.

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