The Occupational Pension Schemes (Employer Debt and Miscellaneous Amendments) Regulations (Northern Ireland) 2010

Amendment of Schedule 1C to the 2005 Regulations

20.  In Schedule 1C(1) to the 2005 Regulations (actuary’s certificate for withdrawal arrangement share or approved withdrawal arrangement share in multi-employer scheme)—

(a) in the certificate for paragraph 3 (valuation principles) substitute —

“3    Valuation principles

The scheme’s assets and liabilities are valued in accordance with—

(a) Article 75(5) of the Pensions (Northern Ireland) Order 1995(2), and

(b) regulations 5, 6[, 6C(3) and 7(5)] [delete as appropriate] of the Employer Debt Regulations.”;

(b) in the Notes—

(i) in the first paragraph for the definition of “relevant transfer deduction” substitute—

““relevant transfer deduction” means the amount of the relevant transfer liabilities less the value of the corresponding assets;”;

(ii) omit the second paragraph;

(iii) in the fourth paragraph—

(aa) for “updated actuarial assessment” substitute “updated liabilities assessment”;

(bb) after “Employer Debt Regulations” insert “[delete as appropriate]”;

(iv) after the seventh paragraph add—

“The total amount of the employer’s debt will be the amount of the (approved) withdrawal arrangement share stated in paragraph 2 of the certificate plus any cessation expenses (as defined in regulation 2(1) of the Employer Debt Regulations). See regulation 6(1)(e)(ii) of the Employer Debt Regulations.”.

(1)

Schedule 1C was substituted by regulation 15 of S.R. 2008 No. 132

(2)

S.I. 1995/3213 (N.I. 22); Article 75 was amended by Article 248 of the Pensions (Northern Ireland) Order 2005 and is modified by S.R. 2005 No. 168