2007 No. 64

PENSIONS

The Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations (Northern Ireland) 2007

Made6th February 2007

Coming into operation6th April 2007

The Department for Social Development makes the following Regulations in exercise of the powers conferred by sections 8A(4) and (5), 23(3), 93(1) and (2), 97AF(1) and (2), 97I, 97L(1), 109(1) and (3A), 177(2) to (4) and 178 of the Pension Schemes (Northern Ireland) Act 19931, Articles 67D(4) and (5), 75(5), 116 and 166(1) to (3) of the Pensions (Northern Ireland) Order 19952, Articles 21(1)(b) and (c) and (2) and 27(2) of, and paragraphs 5(b), 7(3) and 13 of Schedule 5 to, the Welfare Reform and Pensions (Northern Ireland) Order 19993, and now vested in it4, and Article 209(2) and (3) of the Pensions (Northern Ireland) Order 20055.

Citation and commencement1.

These Regulations may be cited as the Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations (Northern Ireland) 2007 and shall come into operation on 6th April 2007.

Amendment of Regulations2.

The Schedule shall have effect.

Sealed with the Official Seal of the Department for Social Development on 6th February 2007

(L.S.)

John O’Neill

A senior officer of the Department for Social Development

SCHEDULEAmendment of Regulations

Regulation 2

F11.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.

In the Personal Pension Schemes (Transfer Values) Regulations (Northern Ireland) 19879—

(a)

in regulation 1(2) (interpretation) after the definition of “the Act”10 insert—

““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”, and

(b)

for regulation 3(2)(b)(ii)11 (manner of calculation and verification of cash equivalents) substitute—

“(ii)
with “Retirement Benefit Schemes – Transfer Values (GN11)”, adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the date of the calculation.”.

F23.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

In the Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 199613—

(a)

in regulation 2 (interpretation)—

F3(i)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii)

for paragraph (5) substitute—

“(5)
In these Regulations references to the guidance in GN 19 are to the guidelines on winding up and scheme asset deficiency (GN 19), adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and approved for the purposes of these Regulations by the Department, with such revisions as have been so approved at the applicable time.”, and

(b)

in Schedule 114 (form of actuary’s certificate) after “(GN 19)” insert “adopted or prepared, and from time to time revised by the Board for Actuarial Standards”.

5.

In the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 199615—

(a)

in regulation 1(2) (interpretation) after the definition of “base rate” insert—

““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”;

(b)

for regulation 7(3)(b)(ii)16 (manner of calculation and verification of cash equivalents) substitute—

“(ii)
as being consistent with “Retirement Benefit Schemes – Transfer Values (GN 11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the guarantee date, or if the cash equivalent is of money purchase benefits, on the relevant date; and”, and

(c)

for regulation 8(4J)17 (further provisions as to calculation of cash equivalents and increases and reductions of cash equivalents (other than guaranteed cash equivalents)) substitute—

“(4J)
The references in this regulation to the actuary’s last relevant GN 11 report are to his last report before the guarantee date in accordance with “Retirement Benefit Schemes—Transfer Values (GN 11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the guarantee date.”.

F46.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.

In the Personal and Occupational Pension Schemes (Protected Rights) Regulations (Northern Ireland) 199719—

(a)

in regulation 1(2) (interpretation) before the definition of “child benefit” insert—

““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”, and

(b)

for regulation 2(2)(b)(ii) (manner of calculation and verification of protected rights) substitute—

“(ii)
are certified by an actuary to the trustees or managers of the scheme as being consistent with the requirements of sections 5(3) and (5), 6 and 22 to 2820 and as being consistent with the guidance note “Retirement Benefit Schemes - Transfer Values (GN11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the date of the calculation.”.

F58.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

In the Pensions on Divorce etc. (Provision of Information) Regulations (Northern Ireland) 200023—

(a)

in regulation 1(2) (interpretation) after the definition of “active member” insert—

““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”, and

(b)

for regulation 3(8)(b)24 (information about pensions on divorce and dissolution of a civil partnership: valuation of pension benefits) substitute—

“(b)
are certified by the actuary to the person responsible for the pension arrangement in question as being consistent with “Retirement Benefit Schemes—Transfer Values (GN11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the date on which the request for the valuation is received.”.

10.

In the Pension Sharing (Valuation) Regulations (Northern Ireland) 200025—

(a)

in regulation 1(2) (interpretation) after the definition of “the Winding Up Regulations” insert—

““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”;

(b)

for regulation 4(3)(b)(i) (occupational pension schemes: manner of calculation and verification of cash equivalents) substitute—

“(i)
as being consistent with “Retirement Benefit Schemes—Transfer Values (GN 11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day, and”;

(c)

for regulation 5(3J)26 (occupational pension schemes: further provisions as to the calculation of cash equivalents and increases and reductions of cash equivalents) substitute—

“(3J)
The references in this regulation to the actuary’s last relevant GN 11 report are to his last report before the valuation day in accordance with “Retirement Benefit Schemes—Transfer Values (GN 11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day.”, and

(d)

for regulation 6(2)(b) (other relevant arrangements: manner of calculation and verification of cash equivalents) substitute—

“(b)
are certified by an actuary to the person responsible for the arrangement as being consistent with “Retirement Benefit Schemes—Transfer Values (GN 11)”, adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day.”.

11.

In the Pension Sharing (Implementation and Discharge of Liability) Regulations (Northern Ireland) 200027—

(a)

in regulation 1(2) (interpretation) after the definition of “base rate” insert—

““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”;

(b)

for regulation 10(1)(b) (calculation of the value of appropriate rights) substitute—

“(b)
“Retirement Benefit Schemes—Transfer Values (GN 11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day.”, and

(c)

for regulation 16(2J)28 (adjustments to amount of pension credit – occupational pension schemes which are underfunded on the valuation day) substitute—

“(2J)
The references in this regulation to the actuary’s last relevant GN 11 report are to his last report before the valuation day in accordance with “Retirement Benefit Schemes—Transfer Values (GN 11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day.”.

12.

In the Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 200029—

(a)

in regulation 1(2) (interpretation) after the definition of “base rate” insert—

““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”;

(b)

for regulation 24(3)(b)(ii) (manner of calculation and verification of cash equivalents) substitute—

“(ii)
as being consistent with “Retirement Benefit Schemes—Transfer Values (GN 11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation date, and”, and

(c)

for regulation 27(4J)30 (increases and reductions of cash equivalents before a statement of entitlement has been sent to the eligible member) substitute—

“(4J)
The references in this regulation to the actuary’s last relevant GN 11 report are to his last report before the reference date in accordance with “Retirement Benefit Schemes—Transfer Values (GN 11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the reference date.”.

F613.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F714.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F815.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.

In the Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations (Northern Ireland) 200636—

(a)

in regulation 1(2) (interpretation) after the definition of “the 2005 Order” add—

““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council.”, and

(b)

for regulation 2(3)(b)(ii) (calculation and verification of cash transfer sum) substitute—

“(ii)
as being consistent with “Retirement Benefit Schemes—Transfer Values (GN11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current at the date on which the cash transfer sum is calculated,”, and

(c)

for regulation 4(5) (reduction of cash transfer sums and contribution refunds) substitute—

“(5)
The references in this regulation to the actuary’s last relevant GN11 report are to his last report, in accordance with “Retirement Benefit Schemes—Transfer Values (GN11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards, before the cash transfer sum is calculated.”.

17.

In the Occupational Pension Schemes (Modification of Schemes) Regulations (Northern Ireland) 200637—

F9(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

for regulation 5(2)(b) (calculation of the actuarial value of affected member’s subsisting rights) substitute—

“(b)
shall ensure that the calculation of the actuarial value of an affected member’s subsisting rights is made in accordance with any guidance that is adopted or prepared, and from time to time revised, by the Board for Actuarial Standards which is current on the date that the actuarial equivalence statement is obtained by the trustees;”.

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations update references to the prescribed body in a number of occupational and personal pension scheme regulations in consequence of the transfer of certain functions relating to the regulation of the actuarial profession from the Faculty of Actuaries and Institute of Actuaries to the Financial Reporting Council’s Board for Actuarial Standards (“the Board for Actuarial Standards”).

The Board for Actuarial Standards can be contacted at the Financial Reporting Council, Planning & Resources, 5th floor, Aldwych House, 71-91 Aldwych, London, WC2B 4HN where copies of Actuarial Guidance Notes GN 11, GN 19, GN 28 and GN 49 may be obtained.

As these Regulations make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Work and Pensions in relation to Great Britain, the requirement to consult under Article 117(1) of the Pensions (Northern Ireland) Order 1995 and Article 289(1) of the Pensions (Northern Ireland) Order 2005 does not apply by virtue of paragraph (2)(e) of each of those Articles.