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The Pensions (Northern Ireland) Order 2005
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Changes over time for: Section 201
Version Superseded: 06/04/2024
Alternative versions:
- 01/01/2006- Amendment
- 11/02/2021- Amendment
- 01/04/2023
Point in time - 06/04/2024- Amendment
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The statutory funding objectiveN.I.
This section has no associated Explanatory Memorandum
201.—(1) Every scheme is subject to a requirement ( “the statutory funding objective”) that it must have sufficient and appropriate assets to cover its technical provisions.
(2) A scheme's “technical provisions” means the amount required, on an actuarial calculation, to make provision for the scheme's liabilities.
[F1(2A) The scheme's technical provisions shall be calculated in a way that is consistent with the scheme's funding and investment strategy, as set out in the scheme's statement of strategy.]
(3) For the purposes of this Part—
(a)the assets to be taken into account and their value shall be determined, calculated and verified in a prescribed manner, and
(b)the liabilities to be taken into account shall be determined in a prescribed manner and [F2, subject to paragraph (2A),] the scheme's technical provisions shall be calculated in accordance with any prescribed methods and assumptions.
(4) Regulations may—
(a)provide for alternative prescribed methods and assumptions,
(b)provide that it is for the trustees or managers to determine which methods and assumptions are to be used in calculating a scheme's technical provisions, and
(c)require the trustees or managers, in making their determination, to take into account prescribed matters and follow prescribed principles.
(5) Any provision of the scheme rules that limits the amount of the scheme's liabilities by reference to the value of its assets shall be disregarded.
F1Art. 201(2A) inserted (11.2.2021 for specified purposes) by Pension Schemes Act 2021 (c. 1), s. 131(2)(d)(3)(c), Sch. 11 para. 3(2)
F2Words in art. 201(3)(b) inserted (11.2.2021 for specified purposes) by Pension Schemes Act 2021 (c. 1), s. 131(2)(d)(3)(c), Sch. 11 para. 3(3)
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