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The Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations (Northern Ireland) 2007

S.R. 2007/64 · Made 6 February 2007 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 9 August 2012.

PENSIONS

Made 6th February 2007

Coming into operation 6th April 2007

The Department for Social Development makes the following Regulations in exercise of the powers conferred by sections 8A(4) and (5), 23(3), 93(1) and (2), 97AF(1) and (2), 97I, 97L(1), 109(1) and (3A), 177(2) to (4) and 178 of the Pension Schemes (Northern Ireland) Act 1993f1, Articles 67D(4) and (5), 75(5), 116 and 166(1) to (3) of the Pensions (Northern Ireland) Order 1995f2, Articles 21(1)(b) and (c) and (2) and 27(2) of, and paragraphs 5(b), 7(3) and 13 of Schedule 5 to, the Welfare Reform and Pensions (Northern Ireland) Order 1999f3, and now vested in itf4, and Article 209(2) and (3) of the Pensions (Northern Ireland) Order 2005f5.

Annotations to the whole text

Footnotes

f1

1993 c. 49; section 8A was inserted by Article 133(5) of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)); section 93(2) was amended by paragraph 6 of Schedule 4 to that Order and paragraph 5(1) of Schedule 5 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4 (N.I.)); section 97AF was inserted by Article 241 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)); sections 97I and 97L were inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11)); section 109(1) was amended by, and section 109(3A) was inserted by, section 48 of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000; section 178 was amended by paragraph 37 of Schedule 1, paragraph 68 of Schedule 3, paragraph 14 of Schedule 4 and Schedule 5, to the Pensions (Northern Ireland) Order 1995, paragraph 31 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999 and paragraph 27 of Schedule 10 to the Pensions (Northern Ireland) Order 2005

f2

S.I. 1995/3213 (N.I. 22); Article 67D was inserted by Article 239 of the Pensions (Northern Ireland) Order 2005; Article 75(5) was amended by Article 248(3) of that Order; Article 116 was amended by paragraph 62 of Schedule 10 to that Order

f3

S.I 1999/3147 (N.I. 11); Article 21(1)(b) was amended by paragraph 108(5) of Schedule 29 to the Civil Partnership Act 2004 (c. 33)

f4

See Article 8(b) of S.R. 1999 No. 481

f5

S.1. 2005/255 (N.I. 1)

Contents

  1. 1Citation and commencement
  2. 2Amendment of Regulations
  3. Signature
  4. Schedule: Amendment of Regulations
  5. 1Paragraph 1 Repealed
  6. 2Paragraph 2 Repealed
  7. 3Paragraph 3 Repealed
  8. 4Paragraph 4
  9. 5Paragraph 5 Repealed
  10. 6Paragraph 6 Repealed
  11. 7Paragraph 7 Repealed
  12. 8Paragraph 8 Repealed
  13. 9Paragraph 9 Repealed
  14. 10Paragraph 10 Repealed
  15. 11Paragraph 11 Repealed
  16. 12Paragraph 12 Repealed
  17. 13Paragraph 13 Repealed
  18. 14Paragraph 14 Repealed
  19. 15Paragraph 15 Repealed
  20. 16Paragraph 16 Repealed
  21. 17Paragraph 17
  22. Explanatory note

1Citation and commencementI1

These Regulations may be cited as the Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations (Northern Ireland) 2007 and shall come into operation on 6th April 2007.

2Amendment of RegulationsI1

The Schedule shall have effect.

Signature

Sealed with the Official Seal of the Department for Social Development on 6th February 2007

(L.S.)

John O’Neill

A senior officer of the Department for Social Development

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In the Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 1996f1—

(a)

in regulation 2 (interpretation)—

F1(i)

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(ii)

for paragraph (5) substitute—

“(5)

In these Regulations references to the guidance in GN 19 are to the guidelines on winding up and scheme asset deficiency (GN 19), adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and approved for the purposes of these Regulations by the Department, with such revisions as have been so approved at the applicable time.”, and

(b)

in Schedule 1f2 (form of actuary’s certificate) after “(GN 19)” insert “adopted or prepared, and from time to time revised by the Board for Actuarial Standards”.

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17I1

In the Occupational Pension Schemes (Modification of Schemes) Regulations (Northern Ireland) 2006f1—

F1(a)

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(b)

for regulation 5(2)(b) (calculation of the actuarial value of affected member’s subsisting rights) substitute—

“(b)

shall ensure that the calculation of the actuarial value of an affected member’s subsisting rights is made in accordance with any guidance that is adopted or prepared, and from time to time revised, by the Board for Actuarial Standards which is current on the date that the actuarial equivalence statement is obtained by the trustees;”.

Explanatory note

(This note is not part of the Regulations)

These Regulations update references to the prescribed body in a number of occupational and personal pension scheme regulations in consequence of the transfer of certain functions relating to the regulation of the actuarial profession from the Faculty of Actuaries and Institute of Actuaries to the Financial Reporting Council’s Board for Actuarial Standards (“the Board for Actuarial Standards”).

The Board for Actuarial Standards can be contacted at the Financial Reporting Council, Planning & Resources, 5th floor, Aldwych House, 71-91 Aldwych, London, WC2B 4HN where copies of Actuarial Guidance Notes GN 11, GN 19, GN 28 and GN 49 may be obtained.

As these Regulations make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Work and Pensions in relation to Great Britain, the requirement to consult under Article 117(1) of the Pensions (Northern Ireland) Order 1995 and Article 289(1) of the Pensions (Northern Ireland) Order 2005 does not apply by virtue of paragraph (2)(e) of each of those Articles.