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

PART 2

Amendment of the Occupational Pension Schemes (Contracting-out) Regulations

8.—(1) The Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996(1) shall be amended in accordance with sub-paragraphs (2) and (3).

(2) In regulation 48 (special provisions for overseas schemes) –

(a) in paragraph (5)(c)(2) for “sub-paragraphs (a) to (e) of Article 73(3)” there shall be substituted “Article 73(4)”;

(b) in paragraph (5)(ca) –

(i) for “in those sub-paragraphs” there shall be substituted “in Article 73(4)”; and

(ii) after “earlier sub-paragraphs” there shall be inserted “of that Article”; and

(c) paragraph (5A)(3) shall be omitted.

(3) In regulation 72(2)(4) (transitional requirements as to sufficiency of resources of salary related schemes) for the words from “sub-paragraphs” to the end there shall be substituted “Article 73(4) of the Order (liabilities towards which scheme assets must be applied first on winding up)”.

Amendment of the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations

9.—(1) The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations (Northern Ireland) 1996(5) shall be amended in accordance with sub-paragraphs (2) and (3).

(2) In regulation 7(1)(a) (determination and valuation of liabilities) for “Article 73(3)” there shall be substituted “Article 73(4)”.

(3) In Schedule 1(6) (minimum funding valuation statements) for “Article 73(3)”, in each place where it occurs, there shall be substituted “Article 73(4)”.

Amendment of the Occupational Pension Schemes (Disclosure of Information) Regulations

10.  In regulation 5(15) of the Occupational Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1997(7) (information to be made available to individuals) for the words from “determined” to the end there shall be substituted

• “determined –

  (a)

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

  (b)

  in any other case, in accordance with Article 121(4) and (5) (but subject to Article 121(6) and (8)).”.

Amendment of the Occupational Pension Schemes (Payments to Employers) Regulations

11.  In regulation 15(3) of the Occupational Pension Schemes (Payments to Employers) Regulations (Northern Ireland) 1997(8) (revocations and savings) for “any regulations made under Article 73” there shall be substituted “the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996 (see regulation 2 of those Regulations, as amended by paragraph 1 of Schedule 1 to, the Occupational Pension Schemes (Winding Up, etc.) Regulations (Northern Ireland) 2005, and also regulation 12 of those Regulations of 2005).”.

Amendment of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations

12.  In regulation 2(3) of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations (Northern Ireland) 1997(9) (commutation of a pension under an occupational pension scheme) for “regulation 2 of the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996 (commencement of winding up) apply” there shall be substituted “Article 121(4) and (5) applies (but subject to Article 121(6) and (8))”.

(1)

S.R. 1996 No. 493; relevant amending regulations are S.R. 1997 No. 160

(2)

Sub-paragraphs (c) and (ca) were substituted for sub-paragraph (c) by paragraph 5(9)(a) of the Schedule to S.R. 1997 No. 160

(3)

Paragraph (5A) was inserted by paragraph 5(9)(b) of the Schedule to S.R. 1997 No. 160

(4)

Paragraph (2) was substituted by paragraph 5(13)(a) of the Schedule to S.R. 1997 No. 160

(5)

S.R. 1996 No. 570; relevant amending regulations are S.R. 2004 No. 481

(6)

Schedule 1 was amended by regulation 2(3) of S.R. 2004 No. 481

(7)

S.R. 1997 No. 98; paragraph (15) was added by paragraph 19(4)(e) of the Schedule to S.R. 1997 No. 160

(8)

S.R. 1997 No. 96, to which there are amendments not relevant to these regulations

(9)

S.R. 1997 No. 153, to which there are amendments not relevant to these regulations