The Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations 2012
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.
(a)
omit the definition of “the Board for Actuarial Standards”; and
(b)
2.
(a)
(b)
3.
(a)
in regulation 1 (interpretation)—
(i)
(ii)
“(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.”; and
(b)
4.
(a)
in regulation 2 (interpretation)—
(i)
(ii)
(b)
5.
(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.
(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.
(a)
(i)
in paragraph (1), omit the definition of “the Board for Actuarial Standards”; and
(ii)
“(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)
(c)
(d)
8.
(a)
(b)
9.
(a)
(b)
These Regulations update references to the prescribed body in a number of occupational and personal pension schemes regulations as a consequence of the dissolution of the Board for Actuarial Standards (a former operating body of the Financial Reporting Council) and the Financial Reporting Council becoming directly responsible for issuing and maintaining technical actuarial standards and related functions.
The Financial Reporting Council can be contacted at 5th Floor, Aldwych House, 71-91 Aldwych, London, WC2B 4HN.
A full impact assessment has not been published for this instrument as it has no impact on the costs of the private sector or civil society organisations.