Explanatory note

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). Those 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”).

Regulation 2 amends the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998 to substitute new tables into Schedule 1 to those Regulations setting out new actuarial factors to be used for the purposes of the calculation where the effective date (the date Her Majesty’s Revenue and Customs determine the extent to which the resources of the scheme are insufficient to meet its liabilities) is on or after 6th April 2010. Substitution of regulation 3(2)(a) is also required because the new tables are in a different format to those being substituted.

Regulation 3 makes corresponding amendments to 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 no impact on the private or voluntary sectors is foreseen.