The Occupational Pension Schemes (Scheme Funding) Regulations 2005

6.—(1) This paragraph applies where the trustees or managers of a scheme are authorised under section 288 of the 2004 Act to accept contributions from European employers or approved under section 289 of that Act to accept contributions from a particular European employer.

(2) Where this paragraph applies, and subject to sub-paragraphs (3) and (4), Part 3 of the 2004 Act and these Regulations shall apply as if they were subject to the following modifications—

(a) in section 224 of the Act—

(i) in subsection (1)(a), the words from “or,” to the end of the subsection are omitted;

(ii) paragraphs (c) and (d) of subsection (2) are omitted;

(iii) the word “and” at the end of paragraph (a) of subsection (3) and paragraph (b) of that subsection are omitted;

(iv) the words “or report” in subsections (4), (6) and (7) and the words “or reports” in subsection (5) are omitted;

(b) in section 226—

(i) in subsection (1), for the words from “within the prescribed time” to the end of the subsection there is substituted—

“(a) send a summary of the valuation to the Regulator within a reasonable period, and

(b) take such steps as are necessary to ensure that the statutory funding objective is met within two years after that date.”, and

(ii) subsections (2) to (6) are omitted;

(c) in section 227, for the words “by the end of the period specified in the recovery plan” in subsection (6)(b)(i) there is substituted “ within two years after that date ”;

(d) in section 231, the words from “with respect to” in paragraph (d) of subsection (1) to the end of that paragraph are omitted;

(e) in regulations 6(2) and (3)(a), 7(2)(a), 9(1) and (2)(a) and 13 of these Regulations, for “15 months” there is substituted “ 12 months ”;

(f) in regulation 7(2), the words “or an actuarial report” are omitted;

(g) regulations 7(2)(c) and (5), 8, 9(2)(c) and 17(1)(a) and (e) to (i) are omitted;

(h) in regulation 10—

(i) in paragraph (2), for “five years”, where those words first appear, there is substituted “ two years ”, and the words from “or, in a case where” to the end of that paragraph are omitted;

(ii) in paragraph (4), for “give effect to a recovery plan”, there is substituted “ comply with section 226 ”, and

(i) in Schedule 1, in the first of the alternative statements in the form of certification of the adequacy of the rates of contributions, for “by the end of the period specified in the recovery plan dated [dd/mm/yyyy]” there is substituted “ within two years after the effective date of the last actuarial valuation ”.

(3) In the case of a pre-23rd September 2005 scheme—

(a) section 226 of the 2004 Act applies as if it were subject to the following modifications in place of the modifications in sub-paragraph (2)(b)—

(i) for the words from “they must, within the prescribed time” in subsection (1) to the end of that subsection there is substituted—

“they must—

(a) send a summary of the valuation to the Regulator within a reasonable period, and

(b) take such steps as are necessary to ensure that the statutory funding objective is met—

(i) if the valuation is the first valuation the trustees or managers have obtained under section 224, by 22nd September 2008, and

(ii) in any other case, within two years after that date.”, and

(ii) subsections (2) to (6) are omitted;

(b) these Regulations apply as if, in addition to the modifications in sub-paragraph (2)(e) to (i), paragraph 2(a)(i) of Schedule 4 is modified so that, after “this Schedule” there is inserted “ and, without prejudice to any of those requirements, by reference to an effective date which is no later than 22nd September 2006 ”.

(4) In sub-paragraph (3), “pre-23rd September 2005 scheme” has the meaning given by article 3 of the Pensions Act 2004 (Commencement No. 8) Order 2005 M1 .

Marginal Citations

M1 S.I. 2005/3331 (C.141).