- Latest available (Revised)
- Point in Time (06/04/2016)
- Original (As made)
Point in time view as at 06/04/2016.
There are currently no known outstanding effects for the The Occupational Pension Schemes (Schemes that were Contracted-out) Regulations (Northern Ireland) 2016, Section 18.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
18.—(1) For the purposes of Condition 1 of section 20B(1) of the 1993 Act (the conversion conditions), actuarial equivalence is to be determined in accordance with this regulation.
(2) The trustees are responsible for determining actuarial equivalence.
(3) In determining actuarial equivalence, the trustees must—
(a)obtain advice from the actuary appointed for the scheme in accordance with Article 47(1)(b) of the 1995 Order (“the actuary”) about what assumptions are appropriate at the conversion date;
(b)consider that advice;
(c)decide what assumptions are appropriate at the conversion date and, if the trustees later think it is necessary, change that decision, and
(d)arrange for the actuary to calculate the actuarial values of the post-conversion benefits and the pre-conversion benefits in accordance with paragraph (4).
(4) In calculating the actuarial values mentioned in paragraph (3)(d), the actuary must—
(a)use the assumptions chosen by the trustees under paragraph (3)(c), and
(b)ignore the value of any—
(i)benefits that have been commuted;
(ii)amounts that have been paid in respect of any benefits;
(iii)amounts in respect of any benefits that, before the conversion date, became due to be paid, and
(iv)discretionary benefits that might be awarded in the future.
(5) When the actuarial values mentioned in paragraph (3)(d) have been calculated, the actuary must send the trustees a certificate if the post-conversion benefits are actuarially at least equivalent to the pre-conversion benefits.
(6) The certificate is to—
(a)state that—
(i)the calculations have been completed, and
(ii)the post-conversion benefits are actuarially at least equivalent to the pre-conversion benefits, and
(b)be sent to the trustees no later than 3 months after the calculations have been completed.
Section 20B was inserted by section 12(3) of the Pensions Act (Northern Ireland) 2008
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: