Statutory Rules of Northern Ireland
Pensions
Made
19th July 2012
Coming into operation
9th August 2012
The Department for Social Development makes the following Regulations in exercise of the powers conferred by sections 8A(4) and (5) and 109(1) and (3A) of the Pension Schemes (Northern Ireland) Act 1993 M1, Articles 41(1) and (6), 67D(4) and (5), 73B(4)(a), 75(5), 75A(4) and (5) and 116 of the Pensions (Northern Ireland) Order 1995 M2, and now vested in it M3, and Articles 127(3) and (4), 135(8)(b) and (9)(b), 140(2) and 209(3) of the Pensions (Northern Ireland) Order 2005 M4.
Paragraphs 5, 8, 9 and 13 of the Schedule are consequential on the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 M5.
Marginal Citations
M11993 c. 49; section 8A was inserted by Article 133(5) of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) and subsection (5) was amended by paragraph 3 of Schedule 5 to the Pensions Act (Northern Ireland) 2008 (c. 1 (N.I.)); section 109(1) was amended by section 48(1) of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4 (N.I.)) and section 109(3A) was inserted by section 48(2) of that Act and amended by paragraph 4 of Schedule 5 to the Pensions Act (Northern Ireland) 2008
M2S.I. 1995/3213 (N.I. 22); Article 41 was amended by paragraph 10(1) of Schedule 5 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000, paragraph 46 of Schedule 10, and Schedule 11, to the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) and paragraph 22 of the Schedule to S.R. 2005 No. 434; Articles 67 to 67I were substituted for Article 67 by Article 239 of the Pensions (Northern Ireland) Order 2005 and Article 67D(5) was amended by paragraph 5 of Schedule 5 to the Pensions Act (Northern Ireland) 2008; Articles 73, 73A and 73B were substituted for Article 73 by Article 247(1) of the Pensions (Northern Ireland) Order 2005; Article 75(5) was amended by Article 248(3) of that Order; Article 75A was inserted by Article 249 of that Order; Article 116 was amended by paragraph 62 of Schedule 10, and Schedule 11, to that Order and paragraph 6 of Schedule 5 to the Pensions Act (Northern Ireland) 2008
M3See Article 8(b) of S.R. 1999 No. 481
M4S.I. 2005/255 (N.I. 1); Part III is modified in its application to partially guaranteed schemes, hybrid schemes and multi-employer schemes by, respectively, S.R. 2005 Nos. 55 (as amended by S.R. 2010 No. 32), 84 and 91 (as amended by S.R. 2005 Nos. 194 and 357, S.R. 2008 No. 132, S.R. 2010 No. 111 and S.R. 2012 No. 1); Article 127 is amended by paragraph 5 of Schedule 4 to the Pensions Act (Northern Ireland) 2012 (c. 3 (N.I.)) and is modified by S.R. 2005 No. 137; Article 135 is amended by paragraphs 9 and 14 of Schedule 4 to that Act; Article 209(3) was amended by paragraph 7 of Schedule 5 to the Pensions Act (Northern Ireland) 2008
1.—(1) These Regulations may be cited as the Pensions (Financial Reporting Council) (Amendment) Regulations (Northern Ireland) 2012 and shall come into operation on 9th August 2012.
(2) The Interpretation Act (Northern Ireland) 1954 M6 shall apply to these Regulations as it applies to an Act of the Assembly.
Marginal Citations
2. The Schedule shall have effect.
3. The following provisions are revoked—
(a)paragraphs 1, 3, 4(a)(i), 6, 8, 13, 14, 15 and 17(a) of the Schedule to the Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations (Northern Ireland) 2007 M7;
(b)regulation 4(3) of the Occupational Pension Schemes (Employer Debt and Miscellaneous Amendments) Regulations (Northern Ireland) 2008 M8;
(c)regulation 3(2) of the Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2010 M9.
Sealed with the Official Seal of the Department for Social Development on 19th July 2012
L.S.
Anne McCleary
A senior officer of the
Department for Social Development
Regulation 2
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.
Textual Amendments
2. In the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland)1996 M10—N.I.
(a)in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”M11;
(b)in regulation 23(a) M12 (requirements for meeting the statutory standard) for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”.
Marginal Citations
M10S.R. 1996 No. 493; relevant amending Regulations are S.R. 2007 No. 64 and S.R. 2011 No. 305
M11The definition of “the Board for Actuarial Standards” was inserted by paragraph 3(a) of the Schedule to S.R. 2007 No. 64
M12Regulation 23(a) was substituted by regulation 2(2)(a) of S.R. 2011 No. 305
3. In the Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 1996 M13—N.I.
(a)in regulation 2 (interpretation)—
(i)in paragraph (2) omit the definition of “the Board for Actuarial Standards”M14;
(ii)in paragraph (5) M15 for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”;
(b)in paragraph 2 of the certificate set out in Schedule 1 M16 (form of actuary's certificate) for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”.
Marginal Citations
M13S.R. 1996 No. 585; relevant amending provisions are S.R. 2002 No. 64, S.R. 2005 No. 20, S.R. 2007 No. 64, S.R. 2008 No. 365 and S.R. 2012 No. 113
M14The definition of “the Board for Actuarial Standards” was inserted by paragraph 4(a)(i) of the Schedule to S.R. 2007 No. 64
M15Paragraph (5) was substituted by paragraph 4(a)(ii) of the Schedule to S.R. 2007 No. 64 and amended by paragraph 3 of the Schedule to S.R. 2008 No. 365
M16Schedule 1 was amended by regulation 3(4) of S.R. 2002 No. 64, regulation 3(5) of S.R. 2005 No. 20, paragraph 4(b) of the Schedule to S.R. 2007 No. 64 and regulation 4(b) of S.R. 2012 No. 113
4. In the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996 M17—N.I.
(a)in regulation 1 (interpretation)—
(i)in paragraph (3) omit the definition of “the Board for Actuarial Standards”M18;
(ii)for paragraph (5) M19 substitute—
“(5) In these Regulations references to FRC standards are to actuarial standards adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited, which are relevant to the determination, calculation and verification of the amount or value of the liabilities of the scheme to which Article 73 applies.”;
(b)in regulation 4(1)(d) M20 (calculation of the value or amount of scheme assets and liabilities) for “BAS standards” substitute “ FRC standards ”.
Marginal Citations
M17S.R. 1996 No. 621; relevant amending Regulations are S.R. 2005 No. 171, S.R. 2007 No. 64 and S.R. 2010 No. 108
M18The definition of “the Board for Actuarial Standards” was inserted by paragraph 6(a) of the Schedule to S.R. 2007 No. 64
M19Paragraph (5) was substituted by regulation 3(2) of S.R. 2010 No. 108
M20Regulation 4 was substituted by regulation 9 of S.R. 2005 No. 171 and paragraph (1)(d) was substituted by regulation 3(3) of S.R. 2010 No. 108
F25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.
Textual Amendments
F36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.
Textual Amendments
F3Sch. para. 6 revoked (6.4.2014) by The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (S.R. 2014/79), regs. 1(1), 32, Sch. 10
F37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.
Textual Amendments
F3Sch. para. 6 revoked (6.4.2014) by The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014 (S.R. 2014/79), regs. 1(1), 32, Sch. 10
8. In paragraph 8 of the Schedule to the Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 M21 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “ the Financial Reporting Council Limited ”.N.I.
Marginal Citations
M21S.R. 2005 No. 126
9. In paragraph 8 of the Schedule to the Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005 M22 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “ the Financial Reporting Council Limited ”.N.I.
Marginal Citations
M22S.R. 2005 No. 131, the Schedule was added by regulation 3(6) of S.R. 2007 No. 193
10. In the Occupational Pension Schemes (Employer Debt) Regulations (Northern Ireland) 2005 M23—N.I.
(a)in regulation 2 (interpretation)—
(i)in paragraph (1) omit the definition of “the Board for Actuarial Standards”M24;
(ii)for paragraph (3) M25 substitute—
“(3) In these Regulations references to FRC standards are to actuarial standards on winding up and scheme asset deficiency adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited.”;
(b)in regulation 5(17) M26 (calculation of the amount of scheme liabilities and value of scheme assets) for “BAS standards” substitute “ FRC standards ”;
(c)in regulation 6(8) M27 (multi-employer schemes: general) for “BAS standards” substitute “ FRC standards ”;
(d)in—
(i)paragraph 3 of the certificate set out in Schedule 1 M28 (actuary's certificate of total difference between scheme assets and liabilities and liability share debt of employer in a multi-employer scheme), and
(ii)paragraph 2 of the certificate set out in Schedule 1D M29 (actuary's certificate for amount B under a withdrawal arrangement or an approved withdrawal arrangement in a multi-employer scheme),
for “BAS standards” substitute “ FRC standards ”.
Marginal Citations
M23S.R. 2005 No. 168; relevant amending Regulations are S.R. 2007 No. 64, S.R. 2008 No. 132, S.R. 2010 No. 111 and S.R. 2012 No. 1
M24The definition of “the Board for Actuarial Standards” was inserted by paragraph 14(a)(i) of the Schedule to S.R. 2007 No. 64
M25Paragraph (3) was substituted by regulation 4(3) of S.R. 2008 No. 132
M26Regulation 5 was substituted by regulation 5 of S.R. 2008 No. 132 and paragraph (17) was amended by regulation 5(e) of S.R. 2010 No. 111
M27Paragraphs (2) to (8) of regulation 6 were substituted for paragraphs (2) to (5) by regulation 6 of S.R. 2008 No. 132
M28Schedule 1 was substituted by regulation 13 of S.R. 2008 No. 132 and amended by regulation 17 of S.R. 2010 No. 111 and regulation 12 of S.R. 2012 No. 1
M29Schedules IB to 1D were substituted for Schedule 1B by regulation 15 of S.R. 2008 No. 132 and Schedule 1D was amended by regulation 21 of S.R. 2010 No. 111
11. In the Occupational Pension Schemes (Scheme Funding) Regulations (Northern Ireland) 2005 M30—N.I.
(a)in regulation 2(1) (interpretation) omit the definition of “the Board for Actuarial Standards”M31;
(b)in regulation 15 M32 (guidance relating to actuarial advice) for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”.
Marginal Citations
M30S.R. 2005 No. 568; relevant amending Regulations are S.R. 2007 No. 64 and S.R. 2010 No. 108
M31The definition of “the Board for Actuarial Standards” was inserted by paragraph 15(a) of the Schedule to S.R. 2007 No. 64
M32Regulation 15 was substituted by regulation 5 of S.R. 2010 No. 108
12. In the Occupational Pension Schemes (Modification of Schemes) Regulations (Northern Ireland) 2006 M33—N.I.
(a)in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”M34;
(b)in regulation 5(2)(b) M35 (calculation of the actuarial value of affected member's subsisting rights)—
(i)for “guidance that is” substitute “ actuarial standards that are ”;
(ii)for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”.
Marginal Citations
M33S.R. 2006 No. 149; relevant amending Regulations are S.R. 2007 No. 64
M34The definition of “the Board for Actuarial Standards” was inserted by paragraph 17(a) of the Schedule to S.R. 2007 No. 64
M35Regulation 5(2)(b) was substituted by paragraph 17(b) of the Schedule to S.R. 2007 No. 64
13. In paragraph 8 of Part 2 of the Schedule to the Pension Protection Fund (Closed Schemes) Regulations (Northern Ireland) 2007 M36 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “ the Financial Reporting Council Limited ”.N.I.
Marginal Citations
M36S.R 2007 No. 186
(This note is not part of the Regulations)
These Regulations update references in a number of occupational and personal pension schemes and Pension Protection Fund regulations in consequence of the dissolution of the Board for Actuarial Standards and the Accounting Standards Board (former operating bodies of the Financial Reporting Council). The Financial Reporting Council is now directly responsible for issuing “actuarial standards” and is the designated body responsible for issuing “accounting standards”.
The Regulations also make consequential revocations.
As these Regulations, in so far as they are made under the Pensions (Northern Ireland) Order 1995 (“the 1995 Order”) and the Pensions (Northern Ireland) Order 2005 (“the 2005 Order”), either—
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, or
are made within 6 months of the coming into operation of the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012,
the requirement to consult under Article 117(1) of the 1995 Order and Article 289(1) of the 2005 Order does not apply by virtue of paragraph (2)(d) and (e) of each of those Articles.