The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2007

Amendment of the Occupational Pension Schemes (Scheme Funding) Regulations

13.—(1) The Occupational Pension Schemes (Scheme Funding) Regulations (Northern Ireland) 2005(1) shall be amended in accordance with paragraphs (2) to (4).

(2) In regulation 17(1)(2) (exemptions - general)—

(a) in sub-paragraph (h)—

(i) for “a scheme which has” substitute “a scheme with”;

(ii) in head (i) for “all decisions which fall to be made by the trustees are” substitute “any decision made by the trustees is”, and

(iii) in head (ii) for “who is an independent trustee” substitute “who is independent”, and

(b) in sub-paragraph (i)—

(i) for “a scheme which has” substitute “a scheme with”;

(ii) for “where a company is a trustee” substitute “where a company is the sole trustee”;

(iii) in head (i) for “is made only by the unanimous agreement” substitute “is made by the unanimous agreement”, and

(iv) in head (ii) for “one of the directors is a trustee who” substitute “one of the directors of the company”.

(3) In Schedule 3 (supplementary and consequential provisions) in paragraph 7(2)—

(a) for “(except excluded persons)” substitute “(except excluded persons or a member or beneficiary whose only entitlement to benefits under the scheme is, or will be, to money purchase benefits)”, and

(b) in head (c) for “any estimate” substitute “an estimate”.

(4) In Schedule 4 (transitional provisions and savings) in paragraph 3—

(a) in sub-paragraph (4) omit the words from “and the trustees or managers have determined before that date” to the end of that sub-paragraph, and

(b) in sub-paragraph (5) for “the effective date they have determined” substitute “an effective date which is no earlier than 22nd September 2005 and not more than three years after the effective date of the last valuation they received under the 1995 Order”.

(1)

S.R. 2005 No. 568; relevant amending Regulations are S.R. 2006 No. 297

(2)

Regulation 17 was amended by regulation 5(3) of S.R. 2006 No. 297 and is modified in its application to an occupational pension scheme that is subject to the regulatory own fund requirement by regulation 5(2)(d) of S.R. 2005 No. 570