SCHEDULEAmendment of Regulations
1
In regulation 1(2) of the Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 198710 (interpretation)—
a
omit the definition of “the Board for Actuarial Standards”11;
2
In the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland)199614—
a
in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”15;
b
in regulation 23(a)16 (requirements for meeting the statutory standard) for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.
3
In the Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 199617—
a
in regulation 2 (interpretation)—
i
in paragraph (2) omit the definition of “the Board for Actuarial Standards”18;
ii
in paragraph (5)19 for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”;
b
in paragraph 2 of the certificate set out in Schedule 120 (form of actuary’s certificate) for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.
4
In the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 199621—
a
in regulation 1 (interpretation)—
i
in paragraph (3) omit the definition of “the Board for Actuarial Standards”22;
ii
for paragraph (5)23 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)24 (calculation of the value or amount of scheme assets and liabilities) for “BAS standards” substitute “FRC standards”.
5
In paragraph 8 of the Schedule to the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations (Northern Ireland) 199725 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “the Financial Reporting Council Limited”.
6
In regulation 1(2) of the Occupational Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 199726 (interpretation)—
a
omit the definition of “the Board for Actuarial Standards”27;
b
in the definition of “relevant guidance”28 for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.
7
In regulation 1(3) of the Stakeholder Pension Schemes Regulations (Northern Ireland) 200029 (interpretation)—
a
omit the definition of “the Board for Actuarial Standards”30;
b
in the definition of “relevant guidance”31 for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.
8
In paragraph 8 of the Schedule to the Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 200532 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “the Financial Reporting Council Limited”.
9
In paragraph 8 of the Schedule to the Pension Protection Fund (Valuation) Regulations (Northern Ireland) 200533 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “the Financial Reporting Council Limited”.
10
In the Occupational Pension Schemes (Employer Debt) Regulations (Northern Ireland) 200534—
a
in regulation 2 (interpretation)—
i
in paragraph (1) omit the definition of “the Board for Actuarial Standards”35;
ii
for paragraph (3)36 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)37 (calculation of the amount of scheme liabilities and value of scheme assets) for “BAS standards” substitute “FRC standards”;
c
in regulation 6(8)38 (multi-employer schemes: general) for “BAS standards” substitute “FRC standards”;
d
in—
i
paragraph 3 of the certificate set out in Schedule 139 (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 1D40 (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”.
11
In the Occupational Pension Schemes (Scheme Funding) Regulations (Northern Ireland) 200541—
a
in regulation 2(1) (interpretation) omit the definition of “the Board for Actuarial Standards”42;
b
in regulation 1543 (guidance relating to actuarial advice) for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.
12
In the Occupational Pension Schemes (Modification of Schemes) Regulations (Northern Ireland) 200644—
a
in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”45;
b
in regulation 5(2)(b)46 (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”.
13
In paragraph 8 of Part 2 of the Schedule to the Pension Protection Fund (Closed Schemes) Regulations (Northern Ireland) 200747 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “the Financial Reporting Council Limited”.