The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 1997

Amendment of the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations

14.—(1) The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations (Northern Ireland) 1997(1) shall be amended in accordance with sub-paragraphs (2) to (4).

(2) In regulation 1(2)—

(a) in the definition of “ear-marked scheme” for “which is a money purchase scheme under which all the benefits” there shall be substituted “under which all the benefits other than death benefits are money purchase benefits and all the benefits”; and

(b) for the definition of “money purchase scheme” there shall be substituted—

““money purchase benefits” has the same meaning as in section 176(1) of the Pension Schemes Act;”.

(3) In regulation 4 the existing provision shall be numbered as paragraph (1) and after that paragraph there shall be added the following paragraph—

“(2) Where there is no schedule of contributions or payment schedule in relation to the whole or part of the scheme year, the auditor’s statement about contributions shall contain—

(a) a statement as to whether or not in his opinion contributions payable to the scheme during that year or that part have been paid in accordance with the scheme rules or contracts under which they were payable, and (where appropriate) with the recommendation of the actuary; and

(b) if the statement under sub-paragraph (a) is negative or qualified, a statement of the reasons.”.

(4) In the Schedule in paragraph 2 after sub-paragraph (2) there shall be added the following sub-paragraph—

“(3) Where the assets—

(a) are invested only for the purposes of securing additional money purchase benefits derived from voluntary contributions to which section 107 of the Pension Schemes Act applies; and

(b) are specifically allocated to the provision of additional benefits for particular members or other persons in respect of particular members (or both),

a note that heads (a) and (b) apply must be included in the statement, but that entry need not include the market value or an estimate of value of those assets.”.

(1)

S.R. 1997 No. 40