# The Pension Sharing (Implementation and Discharge of Liability) Regulations (Northern Ireland) 2000, Regulation 16: Adjustments to amount of pension credit — occupational pension schemes which are underfunded on the valuation day

Extent: N.I.
Status: prospective

(1) The circumstances referred to in paragraph 8(1)(d) of Schedule 5 (adjustments to amount of pension credit) are—
(a) the discharge of liability in respect of the pension credit in accordance with paragraph 1(3) of Schedule 5 is at the request, or with the consent, of the person entitled to the pension credit;
(b) the person entitled to the pension credit has refused an offer by the trustees or managers of the occupational pension scheme from which the pension credit is derived to discharge their liability in respect of the pension credit, without any reduction in the amount of the credit, in accordance with the provisions of paragraph 1(2) of Schedule 5 (conferring appropriate rights in that scheme on the person entitled to the pension credit), and
(c) prior to making his request or giving his consent in accordance with sub-paragraph (a) the person entitled to the pension credit has received from the trustees or managers of the occupational pension scheme from which the pension credit is derived, a written statement which provides the following information—
(i) the reasons why the amount of the pension credit has been reduced;
(ii) the amount by which the pension credit has been reduced, and
(iii) where possible, an estimate of the date by which it will be possible to pay the full, unadjusted amount of the pension credit.
(2) The lesser amount referred to in paragraph 8(1) of Schedule 5 may be determined for the purposes of that paragraph by reducing the amount of the pension credit which relates to liabilities referred to in Article 73(3)(a), (aa), (b), (c)(i) or (d) of the 1995 Order (preferential liabilities on winding up) by the percentage which is the difference between—
(a) 100 per cent., and
(b) the percentage of the pension credit which the actuarial valuation shows the scheme assets as being sufficient to satisfy,
where the actuarial valuation is the latest actuarial valuation obtained in accordance with Article 57 of the 1995 Order (valuation and certification of assets and liabilities) before the valuation day.
(3) If, by virtue of Schedule 5 to the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations (Northern Ireland) 1996, Article 56 of the 1995 Order (minimum funding requirement) applies to a section of a scheme as if that section were a separate scheme, paragraph (2) of this regulation shall apply as if that section were a separate scheme, and as if the reference therein to a scheme were accordingly a reference to that section.

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Source: https://www.legislation.gov.uk/nisr/2000/145/regulation/16 (the official version)
Page: https://openlegislation.uk/pension-sharing-implementation-and-discharge-of-liability-regulations-northern-ireland-2000/regulation-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.