The Occupational Pension Schemes (Winding Up and Deficiency on Winding Up, etc.) (Amendment) Regulations (Northern Ireland) 2004

Amendment of the Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations

3.—(1) The Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 1996(1) shall be amended in accordance with paragraphs (2) to (4).

(2) In regulation 3(1) (calculation of the value of scheme liabilities and assets)(2) for “regulation 3A” there shall be substituted “regulations 3A and 3B”.

(3) In the heading to regulation 3A (valuation of liabilities where employer not insolvent)(3) after “employer not insolvent” there shall be added “and where winding up commences before 11th June 2003”.

(4) After regulation 3A, there shall be inserted the following regulation –

“Valuation of liabilities where employer not insolvent and where winding up commences on or after 11th June 2003

3B.— (1) This regulation shall apply in the case of a scheme to which regulation 4B of the Occupational Pension Schemes (Winding Up) Regulations 1996 (calculation of liabilities where employer not insolvent and where winding up commences on or after 11th June 2003) applies.

(2) In the case of a scheme to which this regulation applies, regulation 3A(1)(b) shall have effect as if for paragraph (1B) in quotation marks there were substituted the following paragraph –

“(1B) When calculating the liabilities of the scheme for any –

(a) accrued rights that exist on or before the applicable time to the payment of any pension or other benefit under the scheme (including any increase to a pension);

(b) future pensions, or other future benefits, attributable (directly or indirectly) to pension credits (including any increase to a pension) which have arisen on or before the applicable time, and

(c) entitlement to the payment of a pension or other benefit (including any increase to a pension) that has arisen on or before the applicable time,

it shall be assumed that all such liabilities will be discharged by the purchase of annuities of a kind described in Article 74(3)(c) (discharge of liabilities by insurance, etc.) and, for the purposes of the calculation, the actuary shall estimate the cost of purchasing any such annuities.”.”.

(1)

S.R. 1996 No. 585; relevant amending regulations are S.R. 2002 No. 64

(2)

Regulation 3(1) was amended by regulation 3(2) of S.R. 2002 No. 64

(3)

Regulation 3A was inserted by regulation 3(3) of S.R. 2002 No. 64