- Latest available (Revised)
- Original (As made)
There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Occupational Pension Schemes (Employer Debt) Regulations (Northern Ireland) 2005. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Rule (including any effects on those provisions):
10.—(1) Notwithstanding paragraph (1)(a) of Article 75, that Article shall apply to money purchase schemes as if –
(a)paragraph (2) –
(i)provided that if the levy-deficit condition is met, the levy deficit is to be treated as a debt due from the employer to the trustees or managers of the scheme, and
(ii)were not subject to paragraph (3) of that Article;
(b)paragraph (4) provided that where the criminal-reduction conditions are met the criminal deficit is to be treated as a debt due from the employer to the trustees or managers of the scheme, and
(c)paragraphs (4A) to (4C) and (6) were omitted.
(2) The levy-deficit condition is that an amount payable by way of general levy in respect of any money purchase scheme exceeds the value of the unallocated assets of the scheme either –
(a)at the time when the amount first becomes payable to the Department, or
(b)at a later time designated by the trustees or managers of the scheme for the purposes of this paragraph.
(3) The criminal-reduction conditions are that –
(a)a reduction in the aggregate value of the allocated assets of the scheme occurs;
(b)the reduction is attributable to an act or omission which –
(i)constitutes an offence prescribed for the purposes of Article 79(1)(c) (cases where compensation provisions apply), or
(ii)in the case of an act or omission which occurred outside Northern Ireland, would constitute such an offence if it occurred in Northern Ireland, and
(c)immediately after the act or omission or, if that time cannot be determined, at the earliest time when the auditor of the scheme knows that the reduction has occurred, the amount of that reduction exceeds the value of the unallocated assets of the scheme.
(4) In this regulation –
“allocated assets”, in relation to a scheme, means assets which have been specifically allocated for the provision of benefits to or in respect of members (whether generally or individually) or for the payment of the scheme’s expenses (and “unallocated” is to be read accordingly);
“the criminal deficit” means the amount of the excess mentioned in paragraph (3)(c);
“the general levy” means the levy imposed under section 170 of the Pension Schemes Act(1) by regulation 2 of the Occupational and Personal Pension Schemes (General Levy) Regulations (Northern Ireland) 2005(2);
“the levy deficit” means the amount of the excess mentioned in paragraph (2).
Commencement Information
I1Reg. 10 in operation at 6.4.2005, see reg.1(1)
11.—(1) For the purposes of Article 75 as applied by regulation 10, this regulation shall apply instead of regulations 5 and 7.
(2) In the case of a scheme other than an ear-marked scheme –
(a)the value at any time of the unallocated assets of the scheme is to be taken to be the value of those assets as certified in a statement by the scheme’s auditor, and
(b)the amount of the criminal reduction in the aggregate value of the allocated assets of the scheme at any time is to be calculated by subtracting the actual aggregate value of those assets at that time from the notional aggregate value of those assets.
(3) The notional aggregate value mentioned in paragraph (2)(b) is to be taken to be the sum of the values of the assets –
(a)as stated in the audited accounts which most immediately precede the relevant act or omission, or
(b)if there are none, as certified in a statement by the scheme’s auditor,
adjusted appropriately to take account of any alteration in their values (other than any alteration attributable to that act or omission) between the date as at which those accounts are prepared or, as the case may be, as at which that statement is given and the time in question.
(4) The actual aggregate value mentioned in paragraph (2)(b) is to be calculated in the same manner as it was calculated for the purposes of the accounts mentioned in paragraph (3)(a) or, as the case may be, the statement mentioned in paragraph (3)(b).
(5) In the case of an ear-marked scheme –
(a)the value at any time of the unallocated assets of the scheme, and
(b)the amount of the criminal reduction in the aggregate value of the allocated assets of the scheme,
are the amounts certified in a statement by the relevant insurer.
(6) In this regulation –
“ear-marked scheme” means a scheme under which all the benefits are secured by one or more policies of insurance or annuity contracts, being policies or contracts specifically allocated to the provision of benefits for individual members or any other person who has a right to benefits under the scheme, and
“the relevant insurer”, in relation to such a scheme, is the insurer with whom the insurance contract or annuity contract is made.
Commencement Information
I2Reg. 11 in operation at 6.4.2005, see reg.1(1)
12.—(1) In its application to a money purchase scheme that is a multi-employer scheme regulation 10 shall apply with the substitution for paragraph (1) of the following paragraphs –
“(1) Notwithstanding paragraph (1)(a) of Article 75, that Article shall apply to money purchase schemes as if –
(a)paragraph (2) –
(i)provided that if the levy-deficit condition is met each employer’s share of the levy deficit is to be treated as a debt due from that employer to the trustees or managers of the scheme, and
(ii)were not subject to paragraph (3) of that Article;
(b)paragraph (4) provided that where the criminal-reduction conditions are met each employer’s share of the criminal deficit is to be treated as a debt due from the employer to the trustees or managers of the scheme, and
(c)paragraphs (4A) to (4C) and (6) were omitted.
(1A) For the purposes of paragraph (1), an employer’s share of the levy deficit or the criminal deficit is –
(a)such proportion of that total deficit as, in the opinion of the actuary, the amount of the scheme’s liabilities attributable to employment with that employer bears to the total amount of the scheme’s liabilities attributable to employment with the employers, or
(b)if the scheme provides for the total amount of that debt to be otherwise apportioned amongst the employers, the amount due from that employer under that provision.
(1B) For the purposes of paragraph (1A) –
(a)the total amount of the scheme’s liabilities which are attributable to employment with the employers, and
(b)the amount of the liabilities attributable to employment with any one employer,
are such amounts as are determined, calculated and verified by the actuary in accordance with the guidance given in GN 19; and a determination under this paragraph must be certified by the actuary as being in accordance with that guidance.”.
(2) Regulation 6 shall not apply to a money purchase scheme that is a multi-employer scheme.
Commencement Information
I3Reg. 12 in operation at 6.4.2005, see reg.1(1)
13. Regulation 9 shall not apply to a money purchase scheme, but in the application of Article 75 and these Regulations to such a scheme which has no active members references to employers include every person who employed persons in the description of employment to which the scheme relates immediately before the occurrence of the event after which the scheme ceased to have any active members.
Commencement Information
I4Reg. 13 in operation at 6.4.2005, see reg.1(1)
Section 170 was substituted by Article 161 of the Pensions (Northern Ireland) Order 1995 and is amended by paragraph 3 of Schedule 1 to, and Schedule 11 to, the Pensions (Northern Ireland) Order 2005
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: