Amendment of the Pension Sharing (Valuation) Regulations 2000N.I.
8.—(1) The Pension Sharing (Valuation) Regulations (Northern Ireland) 2000(1) shall be amended in accordance with sub-paragraphs (2) to (4).
(2) In regulation 1(2) (interpretation) after the definition of “the 1999 Order” there shall be inserted the following definition—
““the 2005 Order” means the Pensions (Northern Ireland) Order 2005;”.
(3) In regulation 4 (occupational pension schemes: manner and calculation and verification of cash equivalents)—
(a)in paragraph (3)(b), head (iii) and the word “and” immediately preceding it, and
(b)paragraph (4),
shall be omitted.
(4) In regulation 5 (occupational pension schemes: further provisions as to calculation of cash equivalents and increases and reductions of cash equivalents)—
(a)in paragraph (3)(2) for “Article 56 (minimum funding requirement)” there shall be substituted “Part IV of the 2005 Order (scheme funding)”;
(b)in paragraph (3B) “then, subject to paragraph (3D)” shall be omitted;
(c)paragraphs (3D) to (3I), (3K) and (3L) shall be omitted;
(d)in paragraph (4)(3)—
(i)for “Schedule 5 to the Minimum Funding Requirement Regulations, Article 56” there shall be substituted “Schedule 2 to the Occupational Pension Schemes (Scheme Funding) Regulations (Northern Ireland) 2005, Part IV of the 2005 Order”, and
(ii)for “paragraphs (3), (3A) and (3G)” there shall be substituted “paragraphs (3) and (3A)”, and
(e)in paragraph (5)(4) for “paragraphs (3) and (3F)” there shall be substituted “paragraph (3)”.
Commencement Information
I1Sch. 3 para. 8 in operation at 30.12.2005, see reg. 1
S.R. 2000 No. 144; relevant amending regulations are S.R. 2000 No. 335 and S.R. 2005 No. 171
Paragraphs (3) to (3L) were substituted for paragraphs (3) to (3B) by regulation 16(3) of S.R. 2005 No. 171
Paragraph (4) was amended by regulation 16(4) of S.R. 2005 No. 171
Paragraph (5) was substituted by regulation 10(4) of S.R. 2000 No. 335 and amended by regulation 16(5) of S. R. 2005 No. 171