The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations (Northern Ireland) 1996

Content and certification of schedules of contributions

17.—(1) The schedule of contributions shall show separately—

(a) the rates and due dates of all contributions (other than voluntary contributions) payable by or on behalf of active members of the scheme;

(b) the rates and due dates of the contributions payable by or on behalf of each person who is an employer in relation to the scheme, and

(c) if separate contributions to cover expenses which are likely to fall due for payment by the trustees or managers in the schedule period are made to the scheme, the rates and due dates of those contributions.

(2) In any case where—

(a) Article 58(6)(b) applies, and

(b) the last minimum funding valuation for the scheme was not a serious shortfall valuation but showed that on the effective date of the valuation the value of the scheme assets was less than 98 per cent. of the amount of the scheme liabilities,

Article 58(6)(b) shall have effect with the addition at the end of

“and are such that the amount by which the value of the scheme assets falls short of the amount of the scheme liabilities will be reduced either—

(i) by additional contributions of equal or decreasing amounts made at not more than yearly intervals throughout that period, or

(ii) by increasing some or all of the contribution rates by a percentage which either remains the same throughout or decreases during that period”.

(3) In any case where—

(a) Article 58(6)(b) applies, and

(b) the last minimum funding valuation for the scheme was a serious shortfall valuation,

Article 58(6)(b) shall have effect with the addition at the end of “and are such that they meet the uniform funding requirement specified in regulation 17 of the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations (Northern Ireland) 1996”.

(4) For the purposes of Article 58(6)(b) as it has effect by virtue of paragraph (3) of this regulation, the uniform funding requirement is that, subject to paragraph (5) of this regulation—

(a) during the schedule period there shall be made at intervals of not more than one year contribu tions of equal or decreasing amounts totalling in aggregate such amount as in the opinion of the actuary is necessary for the purpose of securing that the minimum funding requirement will be met by the end of that period, or

(b) during that period some or all of the contribution rates shall be increased by a percentage which either remains the same throughout or decreases during that period, so as to secure payments totalling in aggregate such an amount as is mentioned in sub-paragraph (a).

(5) In a case where the increase required to be secured by Article 60(2) is to be secured by making an appropriate payment under Article 60(2)(a), additional payments and contributions of amounts totalling in aggregate an amount equal to that increase, shall be made before the expiry of the period of one year mentioned in regulation 20(1)(a) (extended as mentioned in regulation 20(3) where that regulation applies).

(6) Schedule 2 makes further provision about schedules of contributions and their certification under Article 58.