The Pensions (Financial Reporting Council) (Amendment) Regulations (Northern Ireland) 2012

Regulation 2

SCHEDULEN.I.Amendment of Regulations

F11.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.

Textual Amendments

2.  In the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland)1996 M1—N.I.

(a)in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”M2;

(b)in regulation 23(a) M3 (requirements for meeting the statutory standard) for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”.

Marginal Citations

M1S.R. 1996 No. 493; relevant amending Regulations are S.R. 2007 No. 64 and S.R. 2011 No. 305

M2The definition of “the Board for Actuarial Standards” was inserted by paragraph 3(a) of the Schedule to S.R. 2007 No. 64

M3Regulation 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 M4—N.I.

(a)in regulation 2 (interpretation)—

(i)in paragraph (2) omit the definition of “the Board for Actuarial Standards”M5;

(ii)in paragraph (5) M6 for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”;

(b)in paragraph 2 of the certificate set out in Schedule 1 M7 (form of actuary's certificate) for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”.

Marginal Citations

M4S.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

M5The definition of “the Board for Actuarial Standards” was inserted by paragraph 4(a)(i) of the Schedule to S.R. 2007 No. 64

M6Paragraph (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

M7Schedule 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 M8—N.I.

(a)in regulation 1 (interpretation)—

(i)in paragraph (3) omit the definition of “the Board for Actuarial Standards”M9;

(ii)for paragraph (5) M10 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) M11 (calculation of the value or amount of scheme assets and liabilities) for “BAS standards” substitute “ FRC standards ”.

Marginal Citations

M8S.R. 1996 No. 621; relevant amending Regulations are S.R. 2005 No. 171, S.R. 2007 No. 64 and S.R. 2010 No. 108

M9The definition of “the Board for Actuarial Standards” was inserted by paragraph 6(a) of the Schedule to S.R. 2007 No. 64

M10Paragraph (5) was substituted by regulation 3(2) of S.R. 2010 No. 108

M11Regulation 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

F37.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.

Textual Amendments

8.  In paragraph 8 of the Schedule to the Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 M12 (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

9.  In paragraph 8 of the Schedule to the Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005 M13 (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

M13S.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 M14—N.I.

(a)in regulation 2 (interpretation)—

(i)in paragraph (1) omit the definition of “the Board for Actuarial Standards”M15;

(ii)for paragraph (3) M16 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) M17 (calculation of the amount of scheme liabilities and value of scheme assets) for “BAS standards” substitute “ FRC standards ”;

(c)in regulation 6(8) M18 (multi-employer schemes: general) for “BAS standards” substitute “ FRC standards ”;

(d)in—

(i)paragraph 3 of the certificate set out in Schedule 1 M19 (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 M20 (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

M14S.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

M15The definition of “the Board for Actuarial Standards” was inserted by paragraph 14(a)(i) of the Schedule to S.R. 2007 No. 64

M16Paragraph (3) was substituted by regulation 4(3) of S.R. 2008 No. 132

M17Regulation 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

M18Paragraphs (2) to (8) of regulation 6 were substituted for paragraphs (2) to (5) by regulation 6 of S.R. 2008 No. 132

M19Schedule 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

M20Schedules 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 M21—N.I.

(a)in regulation 2(1) (interpretation) omit the definition of “the Board for Actuarial Standards”M22;

(b)in regulation 15 M23 (guidance relating to actuarial advice) for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”.

Marginal Citations

M21S.R. 2005 No. 568; relevant amending Regulations are S.R. 2007 No. 64 and S.R. 2010 No. 108

M22The definition of “the Board for Actuarial Standards” was inserted by paragraph 15(a) of the Schedule to S.R. 2007 No. 64

M23Regulation 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 M24—N.I.

(a)in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”M25;

(b)in regulation 5(2)(b) M26 (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

M24S.R. 2006 No. 149; relevant amending Regulations are S.R. 2007 No. 64

M25The definition of “the Board for Actuarial Standards” was inserted by paragraph 17(a) of the Schedule to S.R. 2007 No. 64

M26Regulation 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 M27 (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