Search Legislation

The Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Opening Options

 Help about opening options


This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Hybrid schemes

13.—(1) In relation to any scheme—

(a)which is not a money purchase scheme; but

(b)where some of the benefits that may be provided are relevant money purchase benefits,

  • Article 73 applies as if —


    the liabilities of the scheme did not include the liabilities in respect of those benefits; and


    the assets of the scheme did not include the assets by reference to which the rate or amount of those benefits is calculated.

(2) In paragraph (1) “relevant money purchase benefits” means money purchase benefits other than—

(a)benefits derived from the payment by any member of voluntary contributions; or

(b)underpin benefits.

(3) In this regulation “underpin benefits” means money purchase benefits which under the provisions of the scheme will only be provided in respect of a member if their value exceeds the value of the other benefits in respect of him under the scheme which are not money purchase benefits.

(4) Where a scheme which is not a money purchase scheme may provide underpin benefits, the amount of the liability for those benefits shall be calculated in accordance with regulation 4 (but omitting paragraphs (1)(c) and (3) to (5) of that regulation).

(5) If in the case of a scheme to which paragraph (1) applies—

(a)the aggregate value of the assets of the scheme has been reduced; and

(b)there are reasonable grounds for believing that the reduction is attributable to an act or omission constituting an offence prescribed for the purposes of Article 79(1)(c),

then, for the purposes of Article 73 as it applies by virtue of paragraph (1), the values of the assets excluded by paragraph (1)(ii) and of the other assets shall be taken to be equal to their values apart from the reduction, less in the case of each asset so much of the reduction as its value bears to the aggregate value of the assets of the scheme apart from the reduction.

(6) This regulation does not affect Article 73 as it applies for the purposes of the MFR Regulations and the guidance in GN 27 (as that guidance applies for the purposes of those Regulations).

(7) In paragraph (6) “GN 27” means the guidelines on minimum funding requirement (GN 27), prepared and published by the Institute of Actuaries and the Faculty of Actuaries(1) and approved for the purposes of the MFR Regulations by the Department.


Copies of GN 27 may be obtained from the Faculty of Actuaries, 17 Thistle Street, Edinburgh EH2 1DF

Back to top


Print Options


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.


Opening Options

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


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