# The Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights) Amendment Regulations 2005

S.I. 2005/891 · made 22 March 2005

These Regulations amend the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998 (S.I. 1998/1397) and the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998 (S.R. 1998 No. 208) (“the 1998 Regulations”). The 1998 Regulations deal with the calculation of the amount required for restoring certain rights under the State retirement pension scheme of members of occupational pension schemes that are wound up underfunded (“the calculation”).

Made under: Pension Schemes Act 1993 (Section 181, Section 182, Schedule 2 paragraph 5); Pension Schemes (Northern Ireland) Act 1993 (Section 176, Schedule 1 paragraph 5)

PDFs: Printed copy https://openlegislation.uk/occupational-pension-schemes-contracting-out-amount-required-for-restoring-state-scheme-rights-amendment-regulations-2005/pdf/uksi_20050891_en.pdf; Explanatory Memorandum https://openlegislation.uk/occupational-pension-schemes-contracting-out-amount-required-for-restoring-state-scheme-rights-amendment-regulations-2005/pdf/uksiem_20050891_en.pdf

## Introductory text

PENSIONS
Made 22nd March 2005
Laid before Parliament 31st March 2005
Coming into force 21st April 2005
The Secretary of State for Work and Pensions, in exercise of the powers conferred upon him by sections 181(1) and 182(2) of, and paragraph 5(3C)(c) of Schedule 2 to, the Pension Schemes Act 1993, and by section 176(1) of, and paragraph 5(3C)(c) and (4A) of Schedule 1 to, the Pension Schemes (Northern Ireland) Act 1993 and now vested in him, and of all other powers enabling him in that behalf, having consulted such persons as he considers appropriate, hereby makes the following Regulations:

## 1 Citation, commencement, interpretation and application

(1) These Regulations may be cited as the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights) Amendment Regulations 2005.
(2) These Regulations come into force on 21st April 2005.
(3) Regulations 2 and 3 apply if the effective date is on or after 21st April 2005.
(4) In paragraph (3) “the effective date” means—
(a) in the case of regulation 2, the date on which the Commissioners of Inland Revenue determine for the purposes of paragraph 5(3A) to (3E) of Schedule 2 (resources of scheme insufficient on winding up) to the Pension Schemes Act 1993 the extent to which the resources of a scheme are insufficient to meet the liability for the cash equivalent of the member’s rights under the scheme; and
(b) in the case of regulation 3, the date on which the Commissioners of Inland Revenue determine for the purposes of paragraph 5(3A) to (3E) of Schedule 1 (resources of scheme insufficient on winding up) to the Pension Schemes (Northern Ireland) Act 1993 the extent to which the resources of a scheme are insufficient to meet the liability for the cash equivalent of the member’s rights under the scheme.
(5) This regulation, in so far as it relates to regulation 2, and regulation 2 apply to England, Wales and Scotland.
(6) This regulation, in so far as it relates to regulation 3, and regulation 3 apply to Northern Ireland.

## 2 Amendments of the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998

(1) The Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998 (“the 1998 Regulations”) are amended as follows.
(2) In regulation 3(2)(b) (method of calculation where no election to pay a contributions equivalent premium may be made) after “representing–” insert—
“(ia) as regards any relevant employment after 5th April 2002, the weekly amount as specified in paragraph (3);”.
(3) In regulation 3(2)(b)(i) after “1997” insert “and before 6th April 2002”.
(4) After regulation 3(2) add––
“(3) The weekly amount specified in this paragraph is—
(a) the weekly amount of additional pension to which the member would be entitled in respect of the relevant employment after 5th April 2002 (whether by virtue of his own contributions or, in the case of a surviving spouse member, by virtue of the earner’s contributions) if the scheme had not been a contracted-out scheme, less the weekly amount of any such pension to which he is so entitled despite the scheme being such a scheme; or
(b) the weekly amount of additional pension to which the member would have become so entitled on attaining pensionable age if the scheme had not been such a scheme, less the weekly amount of any such pension to which he will be so entitled despite the scheme being such a scheme.”.
(5) In regulation 4(b) (market level indicator) for “3.5 per cent.” substitute “3 per cent.”.
(6) For the tables in Schedule 1 substitute the tables set out in Schedule 1 to these Regulations.
(7) For the table in Schedule 2 substitute the table set out in Schedule 2 to these Regulations.

## 3 Amendments of the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998

(1) The Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998 (“the 1998 Regulations”) are amended as follows.
(2) In regulation 3(2)(b) (method of calculation where no election to pay a contributions equivalent premium may be made) after “representing–” insert—
“(ia) as regards any relevant employment after 5th April 2002, the weekly amount as specified in paragraph (3);”.
(3) In regulation 3(2)(b)(i) after “1997” insert “and before 6th April 2002”.
(4) After regulation 3(2) add ––
“(3) The weekly amount specified in this paragraph is—
(a) the weekly amount of additional pension to which the member would be entitled in respect of the relevant employment after 5th April 2002 (whether by virtue of his own contributions or, in the case of a surviving spouse member, by virtue of the earner’s contributions) if the scheme had not been a contracted-out scheme, less the weekly amount of any such pension to which he is so entitled despite the scheme being such a scheme; or
(b) the weekly amount of additional pension to which the member would have become so entitled on attaining pensionable age if the scheme had not been such a scheme, less the weekly amount of any such pension to which he will be so entitled despite the scheme being such a scheme.”.
(5) In regulation 4(b) (market level indicator) for “3.5 per cent.” substitute “3 per cent.”.
(6) For the tables in Schedule 1 substitute the tables set out in Schedule 1 to these Regulations.
(7) For the table in Schedule 2 substitute the table set out in Schedule 2 to these Regulations.

## Signature

Signed by authority of the Secretary of State for Work and Pensions.
Malcolm Wicks
Minister of State,
Department for Work and Pensions
22nd March 2005

## Schedule 1: TABLES TO BE SUBSTITUTED IN SCHEDULE 1 TO THE 1998 REGULATIONS

## TABLE 1 MEN (EXCLUDING SURVIVING SPOUSE MEMBERS) WHO ARE UNDER PENSIONABLE AGE

Age attained in relevant tax year
Factor A
Factor B1
Factor B2
Factor C1
Factor C2
16
4.98
3.49
3.92
4.32
4.85
17
5.08
3.57
4.00
4.42
4.95
18
5.18
3.65
4.08
4.52
5.05
19
5.29
3.73
4.17
4.62
5.15
20
5.40
3.82
4.25
4.73
5.26
21
5.51
3.91
4.34
4.83
5.37
22
5.62
4.00
4.43
4.94
5.48
23
5.73
4.09
4.52
5.06
5.59
24
5.85
4.18
4.61
5.17
5.70
25
5.97
4.28
4.70
5.29
5.82
26
6.09
4.37
4.80
5.41
5.93
27
6.21
4.47
4.90
5.53
6.06
28
6.34
4.58
4.99
5.66
6.18
29
6.47
4.68
5.10
5.79
6.30
30
6.60
4.79
5.20
5.93
6.44
31
6.74
4.90
5.31
6.06
6.57
32
6.88
5.02
5.42
6.20
6.71
33
7.03
5.13
5.53
6.35
6.85
34
7.18
5.25
5.65
6.50
6.99
35
7.33
5.38
5.77
6.66
7.14
36
7.49
5.51
5.89
6.82
7.30
37
7.64
5.64
6.02
6.98
7.45
38
7.81
5.77
6.15
7.14
7.61
39
7.97
5.90
6.27
7.31
7.77
40
8.14
6.04
6.40
7.48
7.93
41
8.31
6.19
6.54
7.66
8.10
42
8.49
6.34
6.68
7.85
8.28
43
8.68
6.49
6.83
8.04
8.46
44
8.87
6.65
6.98
8.24
8.64
45
9.07
6.81
7.13
8.44
8.83
46
9.27
6.98
7.29
8.65
9.03
47
9.47
7.14
7.44
8.86
9.23
48
9.67
7.31
7.60
9.06
9.42
49
9.88
7.49
7.76
9.28
9.62
50
10.09
7.67
7.93
9.50
9.83
51
10.31
7.85
8.10
9.73
10.04
52
10.53
8.04
8.28
9.97
10.26
53
10.87
8.31
8.53
10.31
10.59
54
11.23
8.59
8.80
10.67
10.93
55
11.60
8.88
9.08
11.05
11.30
56
11.98
9.18
9.36
11.44
11.67
57
12.39
9.50
9.67
11.86
12.06
58
12.79
9.82
9.96
12.27
12.45
59
13.41
10.16
10.29
12.71
12.87
60
14.07
10.52
10.62
13.18
13.31
61
14.75
10.89
10.97
13.66
13.76
62
15.47
11.29
11.34
14.17
14.24
63
16.24
11.71
11.74
14.72
14.76
64
17.05
12.16
12.16
15.31
15.31

## TABLE 2 WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS) WHO HAVE A PENSIONABLE AGE OF 65 AND ARE UNDER THAT AGE

Age attained in relevant tax year
Factor D
Factor E1
Factor E2
Factor F1
Factor F2
16
5.36
3.58
4.03
4.65
5.22
17
5.47
3.66
4.11
4.75
5.33
18
5.58
3.74
4.19
4.86
5.43
19
5.69
3.83
4.27
4.97
5.54
20
5.81
3.91
4.36
5.08
5.65
21
5.92
4.00
4.44
5.19
5.77
22
6.04
4.09
4.53
5.31
5.88
23
6.16
4.18
4.62
5.43
6.00
24
6.28
4.27
4.71
5.55
6.12
25
6.41
4.37
4.81
5.68
6.24
26
6.54
4.47
4.90
5.80
6.37
27
6.67
4.57
5.00
5.93
6.49
28
6.80
4.67
5.10
6.07
6.62
29
6.94
4.77
5.20
6.20
6.76
30
7.08
4.88
5.30
6.35
6.89
31
7.22
4.99
5.41
6.49
7.03
32
7.37
5.10
5.51
6.64
7.18
33
7.52
5.21
5.62
6.79
7.32
34
7.67
5.33
5.73
6.95
7.47
35
7.83
5.44
5.85
7.11
7.63
36
7.99
5.57
5.96
7.27
7.78
37
8.15
5.69
6.08
7.43
7.94
38
8.32
5.82
6.20
7.60
8.10
39
8.48
5.95
6.32
7.78
8.26
40
8.65
6.08
6.45
7.95
8.43
41
8.83
6.22
6.58
8.14
8.60
42
9.01
6.36
6.71
8.32
8.78
43
9.20
6.50
6.84
8.51
8.96
44
9.39
6.64
6.98
8.71
9.14
45
9.58
6.79
7.12
8.91
9.33
46
9.77
6.95
7.26
9.11
9.52
47
9.97
7.10
7.41
9.32
9.71
48
10.17
7.27
7.56
9.53
9.91
49
10.38
7.43
7.71
9.75
10.11
50
10.60
7.60
7.87
9.98
10.32
51
10.81
7.78
8.03
10.21
10.53
52
11.03
7.96
8.20
10.44
10.75
53
11.38
8.22
8.44
10.79
11.08
54
11.74
8.49
8.70
11.16
11.43
55
12.11
8.77
8.97
11.53
11.79
56
12.49
9.06
9.24
11.93
12.16
57
12.89
9.37
9.53
12.34
12.55
58
13.30
9.69
9.84
12.75
12.94
59
13.80
10.03
10.15
13.20
13.36
60
14.33
10.38
10.48
13.66
13.79
61
14.87
10.75
10.83
14.15
14.25
62
15.44
11.15
11.20
14.65
14.73
63
16.03
11.56
11.59
15.19
15.23
64
16.65
12.01
12.01
15.76
15.76

## TABLE 3 WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS) WHO HAVE A PENSIONABLE AGE OF 60 AND ARE UNDER THAT AGE

Age attained in relevant tax year
Factor D
Factor E1
Factor E2
Factor F1
Factor F2
53
15.23
10.87
11.03
14.55
14.77
54
15.78
11.24
11.38
15.08
15.26
55
16.43
11.64
11.75
15.63
15.78
56
17.06
12.05
12.14
16.20
16.32
57
17.73
12.48
12.54
16.80
16.88
58
18.41
12.93
12.96
17.42
17.46
59
19.13
13.41
13.41
18.07
18.07

## TABLE 4 WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS) WHO HAVE A PENSIONABLE AGE BETWEEN 60 AND 65 AND ARE UNDER THAT AGE

2004/05
2005/06
2006/07
Tax year of birth
Factor D
1950/51
15.78
16.13
16.49
1951/52
14.38
14.70
15.02
1952/53
13.15
13.43
13.73
1953/54
12.02
12.28
12.55
1954/55
11.12
11.36
11.60
Tax year of birth
Factor E1
1950/51
11.24
11.53
11.84
1951/52
10.30
10.56
10.83
1952/53
9.43
9.67
9.91
1953/54
8.64
8.85
9.08
1954/55
7.98
8.18
8.38
Tax year of birth
Factor E2
1950/51
11.38
11.65
11.92
1951/52
10.47
10.72
10.96
1952/53
9.64
9.86
10.09
1953/54
8.87
9.07
9.28
1954/55
8.24
8.42
8.61
Tax year of birth
Factor F1
1950/51
15.08
15.45
15.84
1951/52
13.72
14.06
14.41
1952/53
12.50
12.80
13.11
1953/54
11.39
11.66
11.94
1954/55
10.49
10.74
10.99
Tax year of birth
Factor F2
1950/51
15.26
15.60
15.95
1951/52
13.96
14.26
14.58
1952/53
12.77
13.05
13.34
1953/54
11.70
11.95
12.21
1954/55
10.82
11.05
11.29

## TABLE 5 MEN AND WOMEN (EXCLUDING SURVIVING SPOUSE MEMBERS) WHO HAVE ATTAINED PENSIONABLE AGE

Age attained in relevant tax year
Men
Women
Factor G
Factor H
Factor I
Factor J
Factor K
Factor L
60
20.74
14.42
19.49
61
20.30
14.13
19.00
62
19.86
13.84
18.51
63
19.41
13.55
18.02
64
18.87
13.24
17.52
65
18.53
13.05
16.47
18.31
12.93
17.01
66
18.24
12.74
15.97
17.75
12.60
16.48
67
17.94
12.41
15.47
17.16
12.27
15.94
68
17.63
12.08
14.97
16.57
11.91
15.40
69
17.07
11.74
14.45
15.96
11.55
14.83
70
16.50
11.38
13.92
15.33
11.17
14.26
71
15.92
11.01
13.39
14.70
10.78
13.68
72
15.33
10.64
12.85
14.07
10.39
13.10
73
14.71
10.25
12.31
13.43
9.99
12.51
74
14.11
9.86
11.77
12.80
9.59
11.93
75
13.49
9.48
11.23
12.17
9.20
11.36
76
12.89
9.09
10.71
11.57
8.81
10.81
77
12.28
8.71
10.19
10.98
8.43
10.27
78
11.69
8.33
9.70
10.41
8.06
9.75
79
11.12
7.96
9.21
9.87
7.69
9.25
80
10.56
7.60
8.75
9.33
7.33
8.76
81
10.01
7.24
8.29
8.81
6.98
8.29
82
9.50
6.90
7.86
8.32
6.63
7.83
83
9.03
6.58
7.46
7.86
6.30
7.40
84
8.53
6.25
7.05
7.42
5.99
7.00
85
8.05
5.93
6.65
7.01
5.70
6.62
86
7.58
5.62
6.28
6.65
5.42
6.28
87
7.14
5.33
5.92
6.31
5.16
5.96
88
6.72
5.05
5.58
6.00
4.92
5.66
89
6.31
4.77
5.25
5.72
4.70
5.39
90
5.97
4.52
4.95
5.43
4.49
5.13
91
5.64
4.27
4.67
5.16
4.28
4.87
92
5.32
4.04
4.40
4.89
4.07
4.62
93
5.03
3.83
4.15
4.64
3.88
4.38
94
4.72
3.61
3.90
4.39
3.69
4.16

## TABLE 6 SURVIVING SPOUSE MEMBERS

Age attained in relevant tax year
Widowers
Widows
Factor M
Factor N
Factor O
Factor P
Factor Q
25 and below
7.50
7.28
8.87
6.97
8.63
26
8.09
7.84
9.13
7.12
8.87
27
8.89
8.61
9.50
7.37
9.22
28
9.87
9.55
9.92
7.64
9.62
29
11.18
10.80
10.39
7.96
10.07
30
12.03
11.62
10.85
8.27
10.51
31
12.86
12.41
11.23
8.52
10.88
32
13.64
13.15
11.64
8.80
11.27
33
14.14
13.64
12.04
9.07
11.65
34
14.55
14.03
12.42
9.33
12.02
35
14.84
14.31
12.80
9.59
12.38
36
15.09
14.55
13.11
9.81
12.68
37
15.27
14.73
13.29
9.93
12.85
38
15.39
14.84
13.36
9.97
12.91
39
15.51
14.95
13.32
9.93
12.88
40
15.60
15.05
13.20
9.83
12.76
41
15.72
15.17
13.00
9.66
12.56
42
15.79
15.23
12.86
9.53
12.43
43
15.84
15.29
12.78
9.44
12.35
44
15.90
15.34
12.78
9.41
12.34
45
15.95
15.40
12.86
9.43
12.41
46
16.00
15.45
13.02
9.51
12.57
47
16.07
15.52
13.29
9.67
12.82
48
16.16
15.61
13.68
9.92
13.19
49
16.24
15.69
14.21
10.27
13.70
50
16.33
15.78
14.91
10.75
14.38
51
16.40
15.86
15.83
11.40
15.26
52
16.47
15.94
16.69
12.03
16.09
53
16.51
15.98
17.46
12.61
16.85
54
16.53
16.01
18.13
13.13
17.50
55
16.53
16.02
18.65
13.56
18.01
56
16.47
15.97
19.02
13.90
18.38
57
16.36
15.87
19.25
14.14
18.61
58
16.23
15.75
19.30
14.26
18.67
59
16.10
15.64
19.18
14.26
18.57
60
15.95
15.50
18.92
14.16
18.33
61
15.75
15.32
18.50
13.94
17.94
62
15.51
15.10
18.07
13.71
17.54
63
15.25
14.86
17.62
13.47
17.11
64
14.97
14.59
17.16
13.20
16.68
65
14.67
14.31
16.68
12.93
16.23
66
14.15
13.81
16.14
12.60
15.72
67
13.62
13.31
15.59
12.27
15.20
68
13.09
12.80
15.03
11.91
14.66
69
12.56
12.29
14.46
11.55
14.12
70
12.03
11.78
13.88
11.17
13.56
71
11.50
11.27
13.30
10.78
13.01
72
10.96
10.76
12.72
10.39
12.45
73
10.44
10.25
12.14
9.99
11.89
74
9.93
9.76
11.56
9.59
11.34
75
9.44
9.28
11.01
9.20
10.80
76
8.96
8.81
10.46
8.81
10.27
77
8.50
8.37
9.94
8.43
9.77
78
8.05
7.94
9.44
8.06
9.28
79
7.63
7.52
8.95
7.69
8.81
80
7.22
7.13
8.48
7.33
8.35
81
6.83
6.75
8.02
6.98
7.90
82
6.46
6.38
7.58
6.63
7.47
83
6.10
6.03
7.16
6.30
7.07
84
5.76
5.70
6.77
5.99
6.68
85
5.44
5.38
6.40
5.70
6.33
86
5.14
5.08
6.06
5.42
5.99
87
4.85
4.80
5.75
5.16
5.68
88
4.57
4.53
5.45
4.92
5.40
89
4.30
4.27
5.18
4.70
5.13
90
4.04
4.01
4.92
4.49
4.88
91
3.79
3.76
4.67
4.28
4.63
92
3.56
3.53
4.43
4.07
4.39
93
3.35
3.32
4.21
3.88
4.17
94
3.14
3.12
3.99
3.69
3.96
95 and over
2.94
2.93
3.77
3.50
3.75

## Schedule 2: TABLE TO BE SUBSTITUTED IN SCHEDULE 2 TO THE 1998 REGULATIONS

## TABLE FOR DERIVING THE INDEX NUMBER FROM 15-YEAR GROSS REDEMPTION YIELD: EFFECTIVE DATE ON OR AFTER 21ST APRIL 2005

Yield per cent.
Index Number
From
To
1.05%
1.09%
1.50
1.10%
1.15%
1.49
1.16%
1.21%
1.48
1.22%
1.27%
1.47
1.28%
1.32%
1.46
1.33%
1.38%
1.45
1.39%
1.44%
1.44
1.45%
1.50%
1.43
1.51%
1.56%
1.42
1.57%
1.62%
1.41
1.63%
1.68%
1.40
1.69%
1.75%
1.39
1.76%
1.81%
1.38
1.82%
1.87%
1.37
1.88%
1.93%
1.36
1.94%
2.00%
1.35
2.01%
2.06%
1.34
2.07%
2.13%
1.33
2.14%
2.19%
1.32
2.20%
2.26%
1.31
2.27%
2.33%
1.30
2.34%
2.39%
1.29
2.40%
2.46%
1.28
2.47%
2.53%
1.27
2.54%
2.60%
1.26
2.61%
2.67%
1.25
2.68%
2.74%
1.24
2.75%
2.81%
1.23
2.82%
2.88%
1.22
2.89%
2.96%
1.21
2.97%
3.03%
1.20
3.04%
3.11%
1.19
3.12%
3.18%
1.18
3.19%
3.26%
1.17
3.27%
3.33%
1.16
3.34%
3.41%
1.15
3.42%
3.49%
1.14
3.50%
3.57%
1.13
3.58%
3.65%
1.12
3.66%
3.73%
1.11
3.74%
3.81%
1.10
3.82%
3.90%
1.09
3.91%
3.98%
1.08
3.99%
4.06%
1.07
4.07%
4.15%
1.06
4.16%
4.24%
1.05
4.25%
4.33%
1.04
4.34%
4.41%
1.03
4.42%
4.50%
1.02
4.51%
4.60%
1.01
4.61%
4.69%
1.00
4.70%
4.78%
0.99
4.79%
4.88%
0.98
4.89%
4.97%
0.97
4.98%
5.07%
0.96
5.08%
5.17%
0.95
5.18%
5.27%
0.94
5.28%
5.37%
0.93
5.38%
5.47%
0.92
5.48%
5.57%
0.91
5.58%
5.68%
0.90
5.69%
5.79%
0.89
5.80%
5.89%
0.88
5.90%
6.00%
0.87
6.01%
6.12%
0.86
6.13%
6.23%
0.85
6.24%
6.34%
0.84
6.35%
6.46%
0.83
6.47%
6.58%
0.82
6.59%
6.70%
0.81
6.71%
6.82%
0.80
6.83%
6.95%
0.79
6.96%
7.07%
0.78
7.08%
7.20%
0.77
7.21%
7.33%
0.76
7.34%
7.46%
0.75
7.47%
7.60%
0.74
7.61%
7.74%
0.73
7.75%
7.88%
0.72
7.89%
8.02%
0.71
8.03%
8.17%
0.70
8.18%
8.31%
0.69
8.32%
8.46%
0.68
8.47%
8.62%
0.67
8.63%
8.78%
0.66
8.79%
8.94%
0.65
8.95%
9.10%
0.64
9.11%
9.27%
0.63
9.28%
9.44%
0.62
9.45%
9.61%
0.61
9.62%
9.79%
0.60

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998 (S.I. 1998/1397) and the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998 (S.R. 1998 No. 208) (“the 1998 Regulations”). The 1998 Regulations deal with the calculation of the amount required for restoring certain rights under the State retirement pension scheme of members of occupational pension schemes that are wound up underfunded (“the calculation”).
The amendments apply where the effective date of the calculation is on or after 21st April 2005. (The effective date is the date on which the Commissioners of Inland Revenue determine the extent to which the resources of the pension scheme in question are insufficient to meet the liability for the cash equivalent of the member’s rights under the scheme).
Regulation 2 amends the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998. It amends the definition of “relevant weekly amount” so that the calculation covers relevant employment after 5th April 2002. For such employment the calculation is done by reference to the relevant weekly amount which reflects the deduction made in calculating the additional pension in a Category A retirement pension where the earner was in contracted-out employment.
In the case of members within 10 years of pensionable age, it changes the percentage to be used as the numerator in calculating the market level indicator from 3.5 per cent. to 3 per cent.
It also substitutes new tables in Schedule 1 to those Regulations setting out new actuarial factors to be used for the purposes of the calculation and a new table in Schedule 2 setting out the investment indices relating to the yields of gilts and equities that are used in finding the market level indicator for the calculation.
Regulation 3 makes corresponding amendments of the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998.
A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.

---
Source: https://www.legislation.gov.uk/uksi/2005/891 (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-contracting-out-amount-required-for-restoring-state-scheme-rights-amendment-regulations-2005
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.