The Occupational Pension Schemes (Scheme Funding) Regulations (Northern Ireland) 2005

Statement of funding principles

6.—(1) A statement under Article 202 must include the following matters, in addition to those specified in that Article—

(a) any funding objectives provided for in the rules of the scheme, or which the trustees or managers have adopted, in addition to the statutory funding objective;

(b) whether there are arrangements for a person other than the employer or a member of the scheme to contribute to the funds held by the scheme and, if there are such arrangements, the circumstances in which they apply;

(c) whether there is a power to make payments to the employer out of funds held for the purposes of the scheme and, if there is such a power, the circumstances in which it may be exercised;

(d) whether there are discretionary powers to provide or increase benefits for, or in respect of, all or any of the members and, if there are such powers, the extent to which they are taken into account in the funding of the scheme;

(e) the policy of the trustees or managers regarding the reduction of the cash equivalent of benefits which have accrued to or in respect of members on account of the state of the funding of the scheme, and

(f) the intervals at which the trustees or managers will obtain actuarial valuations in accordance with Article 203(1)(a), and the circumstances in which and occasions on which they will, or will consider whether to, obtain actuarial valuations in addition to those obtained at such intervals.

(2) The first statement under Article 202 in respect of a scheme must be prepared by the trustees or managers within 15 months after the effective date of the first actuarial valuation obtained by them under Article 203.

(3) A statement under Article 202 must be reviewed, and if necessary revised—

(a) within 15 months after the effective date of each subsequent actuarial valuation, and

(b) within a reasonable period after any occasion on which the Regulator has exercised any of the powers conferred by Article 210(2) in relation to the scheme.

(4) A statement under Article 202 must specify the date on which it was prepared, or, if it has been revised, the date on which it was last revised.