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Explanatory Memorandum to Pensions (Northern Ireland) Order 2005

Part IV – Scheme Funding

33.This Part deals with the statutory framework for the scheme funding requirements that are to replace the Minimum Funding Requirement (MFR) which applies to defined benefit schemes. Under the arrangements set out in this Part, schemes will not be required to fund to a common funding measure. Pension scheme trustees, having taken advice from the actuary, will be required to agree with the sponsoring employer a strategy for funding the pension commitments and for correcting any funding deficits, and to set this out in a Statement of Funding Principles. The new funding framework carries forward the existing statutory requirements for regular actuarial valuations and for a scheme to have in place a schedule of contributions. In general, subject to the provisions of this Part, schemes are required to meet a statutory funding objective to have sufficient and appropriate assets to provide for their liabilities.

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