Purpose for which trustees may modify the scheme12A

1

This regulation prescribes a purpose for which the trustees of a trust scheme may by resolution modify the scheme under Article 68 of the Pensions (Northern Ireland) Order 1995.

2

The purpose is to—

a

reduce the rate or amount by which the scheme revalues any benefits10 that accrue after the date of the resolution; or

b

change the method for determining that rate or amount in order to make such a reduction.

3

No modification may be made for the purpose in paragraph (2) without the consent of—

a

where there is one employer in relation to the scheme, that employer; or

b

where there is more than one employer in relation to the scheme—

i

all those employers; or

ii

a person nominated by all those employers, or in accordance with the scheme rules, to act as their representative.