Paragraph 7

In the Occupational Pension Schemes (Employer Debt) Regulations 2005^f1—

(a)

in regulation 2^f2 (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)^f3 (calculation of the amount of scheme liabilities and value of scheme assets), for “BAS standards” substitute “FRC standards”;

(c)

in regulation 6(8)^f4 (multi-employer schemes: general), for “BAS standards” substitute “FRC standards”; and

(d)

in Schedules 1^f5 (actuary’s certificate of total difference between scheme assets and liabilities and liability share debt of employer in a multi-employer scheme) and 1D^f6 (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”.

Annotations

Footnotes

f1: S.I. 2005/678.
f2: The definition of “the Board for Actuarial Standards” was inserted by S.I. 2007/60 and paragraph (3) was substituted by S.I. 2008/731.
f3: Regulation 5 was substituted by S.I. 2008/731 and paragraph (17) was amended by S.I. 2010/725.
f4: Regulation 6(8) was substituted by S.I. 2008/731.
f5: Schedule 1 was substituted by S.I. 2008/731 and amended by S.I. 2010/725 and by S.I. 2011/2973.
f6: Schedule 1D was substituted by S.I. 2008/731 and amended by S.I. 2010/725.