Search Legislation

The Pensions (Northern Ireland) Order 1995

Status:

This is the original version (as it was originally made).

Minimum funding requirement

56.—(1) Every occupational pension scheme to which this Article applies is subject to a requirement (referred to in this Part as “the minimum funding requirement”) that the value of the assets of the scheme is not less than the amount of the liabilities of the scheme.

(2) This Article applies to an occupational pension scheme other than—

(a)a money purchase scheme, or

(b)a scheme falling within a prescribed class or description.

(3) For the purposes of this Article and Articles 57 to 61, the liabilities and assets to be taken into account, and their amount or value, shall be determined, calculated and verified by a prescribed person and in the prescribed manner.

(4) In calculating the value of any liabilities for those purposes, a provision of the scheme which limits the amount of its liabilities by reference to the amount of its assets is to be disregarded.

(5) In Articles 57 to 61, in relation to any occupational pension scheme to which this Article applies—

(a)the amount of the liabilities referred to in paragraph (1) is referred to as “the amount of the scheme liabilities”,

(b)the value of the assets referred to in that paragraph is referred as “the value of the scheme assets”.

(c)“an actuarial valuation” means a written valuation prepared and signed by the actuary of the scheme of the assets and liabilities referred to in paragraph (1), and

(d)the “effective date” of an actuarial valuation is the date by reference to which the assets and liabilities are valued.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Order

The Whole Order you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Order as a PDF

The Whole Order you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Order

The Whole Order you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

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.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources