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The Occupational Pension Schemes (Modification) Regulations 1990
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- UK Statutory Instruments
- 1990 No. 2021
- Regulation 2
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Reduction of pension fund surpluses
2.—(1) In this regulation and in regulation 3, “surplus” means the amount by which the value of the assets of the scheme exceeds the value of the liabilities, as shown by the valuation, or stated in the certificate, referred to in regulation 3(2) below.
(2) Where all the requirements of regulation 3 are satisfied, the Occupational Pensions Board may make an order under section 64(1A) of the Social Security Act 1973 to enable the surplus to be reduced or eliminated in the way or ways specified in the application for the order.
(3) Where the Board make an order for the purpose prescribed by paragraph (2) of this regulation, section 64(7) of the Social Security Act 1973 is modified so that it does not apply except insofar as it requires the Board to be satisfied that it is reasonable in all the circumstances to make the order.
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