These Regulations amend the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations (Northern Ireland) 1996 (“the MFR Regulations”).

Regulation 1 provides for citation and commencement.

Regulation 2 substitutes the definition of “transitional period” in regulation 2(1) of the MFR Regulations to extend the current minimum funding requirement transitional period for all purposes other than in relation to the exclusion of certain resources from the value of scheme assets and amends paragraph 6 of Part I of Schedule 1 to those Regulations to make clear that that paragraph applies even if the scheme is not actually winding up.

Regulation 3 makes a consequential revocation.

As these Regulations make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Work and Pensions in relation to Great Britain, the requirement for consultation under Article 117(1) of the Pensions (Northern Ireland) Order 1995 does not apply by virtue of paragraph (2)(e) of that Article.