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

Amendment of the Occupational Pension Schemes (Transfer Values) Regulations

2.—(1) The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996(1) shall be amended in accordance with sub-paragraphs (2) to (4).

(2) In regulation 1(2) (interpretation) after the definition of “the 1985 Regulations” there shall be inserted the following definition—

““the 2005 Order” means the Pensions (Northern Ireland) Order 2005;”.

(3) In regulation 7(2) (manner of calculation and verification of cash equivalents)—

(a) in paragraph (3)(b), head (iv) and the word “and” immediately preceding it, and

(b) paragraph (4),

shall be omitted.

(4) In regulation 8 (further provisions as to calculation of cash equivalents and increases and reductions of cash equivalents (other than guaranteed cash equivalents))—

(a) in paragraph (4)(3) for “Article 56 (minimum funding requirement)” there shall be substituted “Part IV of the 2005 Order (scheme funding)”;

(b) in paragraph (4B) “then, subject to paragraph (4D)” shall be omitted;

(c) paragraphs (4D) to (4I), (4K), (4L) and (6) shall be omitted, and

(d) in paragraph (5)(4)—

(i) for “Article 61, Article 56” there shall be substituted “Article 211 of the 2005 Order, Part IV of that Order”, and

(ii) for “paragraphs (4), (4A) and (4G)” there shall be substituted “paragraphs (4) and (4A)”.

(1)

S.R. 1996 No. 619; relevant amending regulations are S.R. 1997 No. 160 and S.R. 2005 No. 171

(2)

Regulation 7(3) was amended by paragraph 11(4) of the Schedule to S.R. 1997 No. 160

(3)

Paragraphs (4) to (4L) were substituted for paragraphs (4) to (4B) by regulation 15(3) of S.R. 2005 No. 171

(4)

Paragraph (5) was amended by regulation 15(4) of S.R. 2005 No. 171