Amendment of the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 19968
1
The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 199613 shall have effect with the following amendments.
2
In regulation 16(2) (periods covered by schedules of contributions) after “effective date” insert “, or the date on which the rates of contributions shown in the schedule are certified,”.
3
In regulation 23 (failure to pay contributions due under schedule of contributions)–
a
in paragraph (1)(a) before “must be given to the Authority” insert “subject to paragraph (1A),”;
b
after paragraph (1) insert–
1A
No notice need be given under paragraph (1)(a) if–
a
payment has been made before the end of the period of 10 days beginning with the due date; and
b
the default is only the first or second such default in the period of twelve months ending on and including the due date.
c
in paragraph (3) for “for the purposes of paragraphs (1) and (2)” substitute “for the purposes of paragraphs (1) to (2)”.