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Pensions Act 2004

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Changes over time for: Section 222

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Version Superseded: 11/02/2021

Status:

Point in time view as at 03/04/2006. This version of this provision has been superseded. Help about Status

Changes to legislation:

Pensions Act 2004, Section 222 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

222The statutory funding objectiveE+W+S

This section has no associated Explanatory Notes

(1)Every scheme is subject to a requirement (“the statutory funding objective”) that it must have sufficient and appropriate assets to cover its technical provisions.

(2)A scheme’s “technical provisions” means the amount required, on an actuarial calculation, to make provision for the scheme’s liabilities.

(3)For the purposes of this Part—

(a)the assets to be taken into account and their value shall be determined, calculated and verified in a prescribed manner, and

(b)the liabilities to be taken into account shall be determined in a prescribed manner and the scheme’s technical provisions shall be calculated in accordance with any prescribed methods and assumptions.

(4)Regulations may—

(a)provide for alternative prescribed methods and assumptions,

(b)provide that it is for the trustees or managers to determine which methods and assumptions are to be used in calculating a scheme’s technical provisions, and

(c)require the trustees or managers, in making their determination, to take into account prescribed matters and follow prescribed principles.

(5)Any provision of the scheme rules that limits the amount of the scheme’s liabilities by reference to the value of its assets shall be disregarded.

Modifications etc. (not altering text)

C1Pt. 3 excluded by S.I. 2000/3198 Sch. (as inserted (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), reg. 1, Sch. 3 para. 13(4))

C6Pt. 3 extended by S.I. 1996/1172 reg. 49(4)(a)(i) (as substituted (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), reg. 1, Sch. 3 para. 1(5)(a))

Commencement Information

I1S. 222 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1

I2S. 222 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1

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