The Occupational Pension Schemes (Employer Debt) Regulations 2005

1. Introductory Text

2. Preliminary

   1. 1. Citation, commencement, application and extent

   2. 2. Interpretation

   3. 3. Disapplication of the 1996 Regulations

   4. 4. Schemes to which section 75 of the 1995 Act does not apply

3. Valuations

   1. 5. Calculation of the amount of scheme liabilities and value of scheme assets

4. Multi-employer schemes

   1. 6. Multi-employer schemes: general

   2. 6ZA. Employment-cessation events: general

   3. 6ZB. Employment-cessation events: exemptions

   4. 6ZC. (1) There is a restructuring within this regulation if each...

   5. 6ZD. (1) The trustees or managers may decide that any costs...

   6. 6A. Employment-cessation events: periods of grace

   7. 6B. Scheme apportionment arrangements

   8. 6C. Withdrawal Arrangements

   9. 6D. Notifiable events

   10. 6E. Flexible apportionment arrangements

   11. 6F. Deferred debt arrangement

   12. 7. Approved withdrawal arrangements

   13. 7A. Regulated apportionment arrangements

   14. 7B. Calculation of amounts due from guarantors by virtue of regulation 7

   15. 8. Single employer sections, multi-employer sections, etc

5. Former employers

   1. 9. Frozen schemes and former employers

6. Money purchase schemes

   1. 10. Money purchase schemes: fraud and levy deficiencies etc.

   2. 11. Money purchase schemes: valuations etc.

   3. 12. Multi-employer money purchase schemes

   4. 13. Former employers of money purchase schemes

7. Other schemes treated as more than one scheme

   1. 14. Schemes covering United Kingdom and foreign employment

   2. 15. Schemes with partial government guarantee

8. Supplementary

   1. 16. Modification of schemes: apportionment of section 75 debts

   2. 17. Disregard of staying of voluntary winding up of employer for purposes of section 75 of the 1995 Act

   3. 18. Consequential amendments

   4. 19. Review

9. Signature

10. 1. SCHEDULE 1

       Actuary’s Certificate of Total difference between Scheme Assets and Liabilities [and Liability share debt of Employer in a Multi-Employer Scheme] [delete as appropriate]

       2. This certificate is subject to the Notes below

       3. Date used as the applicable time for purposes of calculations...

       4. 1 Comparison of value of scheme assets with amount of scheme liabilities

       5. The amount of the total liabilities was [approximately]

       6. The amount of the total difference between the value of...

       7. 2 Multi-Employer Schemes: Employer's share of the difference on the liability share basis

       8. amount K, was [£x];

       9. amount L was [£y]; and

       10. [Employer's] debt (that is, Employer's liability share [after the relevant...

       11. 3 Valuation principles

       12. 4 Approximations

       14. Date

       15. Name

       16. Qualification

       17. Address

       18. Name of employer (if applicable)

       19. Notes:

       20. "applicable time" means the time as at which the value...

       21. "liability proportion" means " K divided by L " where-...

       22. "liability share" means an amount equal to the liability proportion...

       23. "multi-employer scheme" means a scheme (or a section of a...

       24. "relevant transfer deduction" means the amount of the relevant transfer...

       25. "share of the difference" means the amount calculated as at...

       26. The valuation of the amount of the liabilities of the...

       27. ...

       28. The value of the assets was provided by the trustees...

       29. The liabilities were calculated and verified by relying on an...

       30. Where approximate calculations are used in arriving at the amount...

       31. The total amount of the employer’s debt will be the...

       32. In the case of multi-employer schemes:

       33. The amount of the liabilities attributed to each of the...

       34. The liability share amount was reduced to reflect a relevant...

    2. SCHEDULE 1A

       Withdrawal Arrangements and Approved Withdrawal Arrangements

       1. 1. Conditions for withdrawal arrangements and approved withdrawal arrangements

       2. 2. Actuarial certificates

       3. 3. Events for payment of amount B

       4. 4. Calculation of amount A

       5. 5. Calculation of amount B

       6. 6. Approval of withdrawal arrangements in advance

       7. 7. Replacement withdrawal arrangements

    3. SCHEDULE 1B

       Notifiable Events

       1. 1. (1) Where a withdrawal arrangement or an approved withdrawal arrangement...

       2. 2. (1) The trustees or managers of a scheme must give...

       3. 3. (1) No duty to which a person is subject ......

    4. SCHEDULE 1C

       Actuary’s Certificate for Withdrawal Arrangement Share or Approved Withdrawal Arrangement Share in Multi-Employer Scheme

       5. 1 Comparison of value of scheme assets with amount of scheme liabilities

       6. 2 Employer's withdrawal arrangements share or approved withdrawal arrangement share

       7. In the case of an approved withdrawal arrangement share, the...

       8. 3 Valuation principles

       9. [4 Approximations

    5. SCHEDULE 1D

       Actuary’s Certificate for Amount B under a Withdrawal Arrangement or an Approved Withdrawal Arrangement in a Multi-Employer Scheme

       5. 1 Amount B

       6. 2 Valuation principles

    6. SCHEDULE 2

       Consequential Amendments

       1. The MFR Regulations

          1. 1. (1) The MFR Regulations are amended as follows.

       2. The Occupational Pension Schemes (Winding Up) Regulations 1996

          1. 2. In regulation 10(2) of the Occupational Pension Schemes (Winding Up)...

       3. The Occupational Pension Schemes (Investment) Regulations 1996

          1. 3. . . . . . . . . . ....

11. Explanatory Note