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The Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996

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Requirement as to resources of the scheme

18.—(1) Subject to paragraph (2) and regulations 72 and 73 (transitional arrangements concerning requirements as to resources) for the purposes of section 5(2B)(c)(i) of the Act (requirements as to amount of the resources of the scheme), the amount of the resources of the scheme must be sufficient either to enable the scheme to meet the minimum funding requirement provided for in Article 56(1) of the Order, or the actuary to the scheme must have certified under Article 58(6)(b) of the Order that in his opinion the rates of contributions are adequate for the purpose of securing that the minimum funding requirement will be met by the end of the period prescribed in relation to that Article.

(2) Paragraph (1) does not apply to a public service pension scheme to which Article 56 of the Order does not apply.

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