The Occupational Pension Schemes (Winding up etc.) Regulations 2005

PART 2 OTHER REGULATIONS

Occupational Pension Schemes (Contracting-out) Regulations 1996

8.—(1) The Occupational Pension Schemes (Contracting-out) Regulations 1996(1) are amended as follows.

(2) In regulation 48 (special provision for overseas schemes)—

(a) in paragraph (5)(c) for “paragraphs (a) to (e) of section 73(3)” substitute “section 73(4)”;

(b) in paragraph (5)(ca)—

(i) for “in those paragraphs” substitute “in section 73(4)”; and

(ii) after “earlier paragraphs” insert “of that section”;

(c) paragraph (5A) is omitted.

(3) In regulation 72(2) (transitional requirements as to sufficiency of resources of salary-related schemes) for the words from “paragraphs (a) to (e)” to the end substitute “section 73(4) of the 1995 Act (liabilities towards which scheme assets must be applied first on winding up).”.

Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996

9.—(1) The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996(2) are amended as follows.

(2) In regulation 7(1)(a) (determination and valuation of liabilities) for “section 73(3)” substitute “section 73(4)”.

(3) In Schedule 1 (minimum funding valuation statements) for “section 73(3)”, in each place where it occurs, substitute “section 73(4)”.

Occupational Pension Schemes (Disclosure of Information) Regulations 1996

10.  In regulation 5(15) of the Occupational Pension Schemes (Disclosure of Information) Regulations 1996(3) (time when a scheme begins to be wound up for the purposes of regulation 5 of those Regulations) for the words “in accordance” onwards substitute—

“(a) in a case where regulation 2 of the Occupational Pension Schemes (Winding Up) Regulations 1996 applies, in accordance with that regulation, and

(b) in any other case, in accordance with section 124(3A) and (3B) of the 1995 Act (but subject to section 124(3C) and (3E)).”.

Occupational Pension Schemes (Payments to Employers) Regulations 1996

11.  In regulation 15(3) of the Occupational Pension Schemes (Payments to Employers) Regulations 1996(4) (which makes provision about when a scheme begins to be wound up for the purposes of the saving in regulation 15(2) relating to the revocation of regulations mentioned in regulation 15(1)) for “any regulations made under section 73 of the 1995 Act” substitute “the Occupational Pension Schemes (Winding Up) Regulations 1996 (see both regulation 2 of those Regulations, as amended by paragraph 1 of the Schedule to the Occupational Pension Schemes (Winding Up) Regulations 2005, and also regulation 12 of those Regulations of 2005)”.

Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997

12.  In regulation 2(3) of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997(5) (circumstances when a scheme is being wound up for the purposes of regulation 2(1)) for “regulation 2 of the Occupational Pension Schemes (Winding Up) Regulations 1996 apply” substitute “section 124(3A) and (3B) of the 1995 Act apply (but subject to section 124(3C) and (3E))”.

(1)

S.I. 1996/1172; the relevant amending instrument is S.I. 1997/786.

(2)

S.I. 1996/1536; the relevant amending instrument is S.I. 2004/3031.

(3)

S.I. 1996/1655; the relevant amending instrument is S.I. 1997/786.

(4)

S.I. 1996/2156, to which there are amendments not relevant to these Regulations.

(5)

S.I. 1997/785, to which there are amendments not relevant to these Regulations.