- Latest available (Revised)
- Original (As enacted)
The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.
There are outstanding changes not yet made by the legislation.gov.uk editorial team to Pensions Act (Northern Ireland) 2012. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
5 (1) Article 127 (Board's obligation to obtain valuation of assets and protected liabilities) is amended as follows.N.I.
(2) For paragraph (2) substitute—
“(2) The Board must, as soon as reasonably practicable—
(a)determine whether the condition in paragraph (2)(a) of the Article in question is satisfied, or
(b)for the purposes of determining whether that condition is satisfied, obtain an actuarial valuation of the scheme as at the relevant time.
(2A) Before doing so, it must give a notice stating whether it will make a determination under paragraph (2)(a) or obtain an actuarial valuation under paragraph (2)(b) to—
(a)the trustees or managers of the scheme, and
(b)any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.”.
(3) In paragraph (3) for “those purposes” substitute “ the purposes of this Article ”.
(4) In paragraph (4) for “this Article” substitute “ a determination made under paragraph (2)(a) or an actuarial valuation obtained under paragraph (2)(b) ”.
(5) In paragraph (5B) for “mentioned in paragraph (2)” substitute “ of this Article ”.
(6) After paragraph (5B) insert—
“(5C) The Board must issue a statement setting out how (subject to any provision made under paragraph (4)) it will make determinations under paragraph (2)(a).”.
(7) In paragraph (6)—
(a)after “paragraph (4),” insert “ for the purposes of an actuarial valuation obtained under paragraph (2)(b) ”, and
(b)for “sub-paragraphs (a) and (b) of that paragraph” substitute “ paragraph (4)(a) and (b) ”.
(8) In paragraph (9)—
(a)for “requires the” substitute “ requires a determination to be made, or an ”, and
(b)after “purposes of” insert “ the determination or ”.
(9) In paragraph (10) for “requires the” substitute “ requires a determination to be made, or an ”.
(10) In paragraph (11)(b)(ii) after “first” insert “ makes a determination under paragraph (2)(a) or ”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the Northern Ireland Assembly department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the Northern Ireland Assembly.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: