2012 No. 1817
The Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations 2012
Made
Laid before Parliament
Coming into force
The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 12A(4) and (5), 113(1) and (3A), 181(1) of the Pension Schemes Act 19931, sections 67D(4) and (5), 73B(4)(a), 75(5), 75A(4) and (5), 119 and 124(1) of the Pensions Act 19952 and sections 230(3) and 318(1) of the Pensions Act 20043.
The Secretary of State has consulted such persons as the Secretary of State considers appropriate in accordance with section 185(1)4 of the Pension Schemes Act 1993, section 120(1) of the Pensions Act 1995 and section, 317(1) of the Pensions Act 2004.
Citation and commencement1
These Regulations may be cited as the Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations 2012 and shall come into force on 9th August 2012.
Amendment of regulations2
The Schedule has effect.
Signed by authority of the Secretary of State for Work and Pensions.
SCHEDULEAmendment of Regulations
1
In regulation 1(2) of the Personal Pension Schemes (Disclosure of Information) Regulations 19875 (interpretation)—
a
omit the definition of “the Board for Actuarial Standards”; and
b
in the definition of “the relevant guidance”, for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited6”.
2
In the Occupational Pension Schemes (Contracting-out) Regulations 19967—
a
in regulation 1(2)8 (interpretation), omit the definition of “the Board for Actuarial Standards”; and
b
in regulation 23(a)9 (requirements for meeting the statutory standard), for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.
3
In the Occupational Pension Schemes (Winding Up) Regulations 199610—
a
in regulation 1 (interpretation)—
i
in paragraph (4)11, omit the definition of “the Board for Actuarial Standards”; and
ii
for paragraph (5)12 substitute—
5
References in these Regulations to FRC standards are to actuarial standards adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited, which are relevant to the determination, calculation and verification of the amount or value of the liabilities of the scheme to which section 73 applies.
b
in regulation 4(1)(d)13 (calculation of the value or amount of scheme assets and liabilities), for “BAS standards” substitute “FRC standards”.
4
In the Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 199614—
a
in regulation 2 (interpretation)—
i
in paragraph (2)15, omit the definition of “the Board for Actuarial Standards”; and
ii
in paragraph (5)16, for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”; and
b
in Schedule 117 (form of actuary’s certificate), for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.
5
In regulation 1(2) of the Occupational Pension Schemes (Disclosure of Information) Regulations 199618 (interpretation)—
a
omit the definition of “the Board for Actuarial Standards”; and
b
in the definition of “the relevant guidance”, for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.
6
In regulation 1(3) of the Stakeholder Pension Schemes Regulations 200019 (interpretation)—
a
omit the definition of “the Board for Actuarial Standards”; and
b
in the definition of “the relevant guidance”, for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.
7
In the Occupational Pension Schemes (Employer Debt) Regulations 200520—
a
in regulation 221 (interpretation)—
i
in paragraph (1), omit the definition of “the Board for Actuarial Standards”; and
ii
for paragraph (3) substitute—
3
References in these Regulations to FRC standards are to actuarial standards on winding up and scheme asset deficiency adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited.
b
in regulation 5(17)22 (calculation of the amount of scheme liabilities and value of scheme assets), for “BAS standards” substitute “FRC standards”;
c
in regulation 6(8)23 (multi-employer schemes: general), for “BAS standards” substitute “FRC standards”; and
d
in Schedules 124 (actuary’s certificate of total difference between scheme assets and liabilities and liability share debt of employer in a multi-employer scheme) and 1D25 (actuary’s certificate for amount B under a withdrawal arrangement or an approved withdrawal arrangement in a multi-employer scheme), for “BAS standards” substitute “FRC standards”.
8
In the Occupational Pension Schemes (Scheme Funding) Regulations 200526—
a
in regulation 2(1)27 (interpretation), omit the definition of “the Board for Actuarial Standards”; and
b
in regulation 1528 (guidance relating to actuarial advice), for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.
9
In the Occupational Pension Schemes (Modification of Schemes) Regulations 200629—
a
in regulation 1(3)30 (interpretation), omit the definition of “the Board for Actuarial Standards”; and
b
in regulation 5(2)(b)31 (calculation of the actuarial value of affected member’s subsisting rights), for “guidance that is” substitute “actuarial standards that are” and for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.
(This note is not part of the Regulations)