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The Pensions (Financial Reporting Council) (Amendment) Regulations (Northern Ireland) 2012

S.R. 2012/294 · Made 19 July 2012 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 1 April 2016.

Pensions

Made 19th July 2012

Coming into operation 9th August 2012

The Department for Social Development makes the following Regulations in exercise of the powers conferred by sections 8A(4) and (5) and 109(1) and (3A) of the Pension Schemes (Northern Ireland) Act 1993 M1, Articles 41(1) and (6), 67D(4) and (5), 73B(4)(a), 75(5), 75A(4) and (5) and 116 of the Pensions (Northern Ireland) Order 1995 M2, and now vested in it M3, and Articles 127(3) and (4), 135(8)(b) and (9)(b), 140(2) and 209(3) of the Pensions (Northern Ireland) Order 2005 M4.

Paragraphs 5, 8, 9 and 13 of the Schedule are consequential on the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 M5.

Annotations to the whole text

Marginal citations

M1

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)) and subsection (5) was amended by paragraph 3 of Schedule 5 to the Pensions Act (Northern Ireland) 2008 (c. 1 (N.I.)); section 109(1) was amended by section 48(1) of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4 (N.I.)) and section 109(3A) was inserted by section 48(2) of that Act and amended by paragraph 4 of Schedule 5 to the Pensions Act (Northern Ireland) 2008

M2

S.I. 1995/3213 (N.I. 22); Article 41 was amended by paragraph 10(1) of Schedule 5 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000, paragraph 46 of Schedule 10, and Schedule 11, to the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) and paragraph 22 of the Schedule to S.R. 2005 No. 434; Articles 67 to 67I were substituted for Article 67 by Article 239 of the Pensions (Northern Ireland) Order 2005 and Article 67D(5) was amended by paragraph 5 of Schedule 5 to the Pensions Act (Northern Ireland) 2008; Articles 73, 73A and 73B were substituted for Article 73 by Article 247(1) of the Pensions (Northern Ireland) Order 2005; Article 75(5) was amended by Article 248(3) of that Order; Article 75A was inserted by Article 249 of that Order; Article 116 was amended by paragraph 62 of Schedule 10, and Schedule 11, to that Order and paragraph 6 of Schedule 5 to the Pensions Act (Northern Ireland) 2008

M3

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

M4

S.I. 2005/255 (N.I. 1); Part III is modified in its application to partially guaranteed schemes, hybrid schemes and multi-employer schemes by, respectively, S.R. 2005 Nos. 55 (as amended by S.R. 2010 No. 32), 84 and 91 (as amended by S.R. 2005 Nos. 194 and 357, S.R. 2008 No. 132, S.R. 2010 No. 111 and S.R. 2012 No. 1); Article 127 is amended by paragraph 5 of Schedule 4 to the Pensions Act (Northern Ireland) 2012 (c. 3 (N.I.)) and is modified by S.R. 2005 No. 137; Article 135 is amended by paragraphs 9 and 14 of Schedule 4 to that Act; Article 209(3) was amended by paragraph 7 of Schedule 5 to the Pensions Act (Northern Ireland) 2008

M5

S.I. 2012/1741

Contents

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

1Citation, commencement and interpretation

(1)

These Regulations may be cited as the Pensions (Financial Reporting Council) (Amendment) Regulations (Northern Ireland) 2012 and shall come into operation on 9th August 2012.

(2)

The Interpretation Act (Northern Ireland) 1954 M1 shall apply to these Regulations as it applies to an Act of the Assembly.

2Amendment of Regulations

The Schedule shall have effect.

3Revocations

The following provisions are revoked—

(a)

paragraphs 1, 3, 4(a)(i), 6, 8, 13, 14, 15 and 17(a) of the Schedule to the Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations (Northern Ireland) 2007 M1;

(b)

regulation 4(3) of the Occupational Pension Schemes (Employer Debt and Miscellaneous Amendments) Regulations (Northern Ireland) 2008 M2;

(c)

regulation 3(2) of the Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2010 M3.

Signature

Sealed with the Official Seal of the Department for Social Development on 19th July 2012

L.S.

Anne McCleary

A senior officer of the

Department for Social Development

1F1

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2

In the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland)1996 M1—

(a)

in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”M2;

(b)

in regulation 23(a) M3 (requirements for meeting the statutory standard) for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”.

3

In the Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 1996 M1—

(a)

in regulation 2 (interpretation)—

(i)

in paragraph (2) omit the definition of “the Board for Actuarial Standards”M2;

(ii)

in paragraph (5) M3 for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”;

(b)

in paragraph 2 of the certificate set out in Schedule 1 M4 (form of actuary's certificate) for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”.

4

In the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996 M1—

(a)

in regulation 1 (interpretation)—

(i)

in paragraph (3) omit the definition of “the Board for Actuarial Standards”M2;

(ii)

for paragraph (5) M3 substitute—

“(5)

In these Regulations references to FRC standards are to actuarial standards adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited, which are relevant to the determination, calculation and verification of the amount or value of the liabilities of the scheme to which Article 73 applies.”;

(b)

in regulation 4(1)(d) M4 (calculation of the value or amount of scheme assets and liabilities) for “BAS standards” substitute “ FRC standards ”.

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6F1

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7F1

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8

In paragraph 8 of the Schedule to the Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 M1 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “ the Financial Reporting Council Limited ”.

9

In paragraph 8 of the Schedule to the Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005 M1 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “ the Financial Reporting Council Limited ”.

10

In the Occupational Pension Schemes (Employer Debt) Regulations (Northern Ireland) 2005 M1—

(a)

in regulation 2 (interpretation)—

(i)

in paragraph (1) omit the definition of “the Board for Actuarial Standards”M2;

(ii)

for paragraph (3) M3 substitute—

“(3)

In these Regulations references 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) M4 (calculation of the amount of scheme liabilities and value of scheme assets) for “BAS standards” substitute “ FRC standards ”;

(c)

in regulation 6(8) M5 (multi-employer schemes: general) for “BAS standards” substitute “ FRC standards ”;

(d)

in—

(i)

paragraph 3 of the certificate set out in Schedule 1 M6 (actuary's certificate of total difference between scheme assets and liabilities and liability share debt of employer in a multi-employer scheme), and

(ii)

paragraph 2 of the certificate set out in Schedule 1D M7 (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 ”.

11

In the Occupational Pension Schemes (Scheme Funding) Regulations (Northern Ireland) 2005 M1—

(a)

in regulation 2(1) (interpretation) omit the definition of “the Board for Actuarial Standards”M2;

(b)

in regulation 15 M3 (guidance relating to actuarial advice) for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”.

12

In the Occupational Pension Schemes (Modification of Schemes) Regulations (Northern Ireland) 2006 M1—

(a)

in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”M2;

(b)

in regulation 5(2)(b) M3 (calculation of the actuarial value of affected member's subsisting rights)—

(i)

for “guidance that is” substitute “ actuarial standards that are ”;

(ii)

for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”.

13

In paragraph 8 of Part 2 of the Schedule to the Pension Protection Fund (Closed Schemes) Regulations (Northern Ireland) 2007 M1 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “ the Financial Reporting Council Limited ”.

Explanatory note

(This note is not part of the Regulations)

These Regulations update references in a number of occupational and personal pension schemes and Pension Protection Fund regulations in consequence of the dissolution of the Board for Actuarial Standards and the Accounting Standards Board (former operating bodies of the Financial Reporting Council). The Financial Reporting Council is now directly responsible for issuing “actuarial standards” and is the designated body responsible for issuing “accounting standards”.

The Regulations also make consequential revocations.

As these Regulations, in so far as they are made under the Pensions (Northern Ireland) Order 1995 (“the 1995 Order”) and the Pensions (Northern Ireland) Order 2005 (“the 2005 Order”), either—

  • 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, or

  • are made within 6 months of the coming into operation of the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012,

the requirement to consult under Article 117(1) of the 1995 Order and Article 289(1) of the 2005 Order does not apply by virtue of paragraph (2)(d) and (e) of each of those Articles.