The Occupational Pension Schemes (Winding Up, Deficiency on Winding Up and Transfer Values) (Amendment) Regulations (Northern Ireland) 2005

Amendment of the Occupational Pension Schemes (Winding Up) Regulations

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

(2) In regulation 4(1)(2) (calculation of amounts of liabilities) for “regulations 4A and 4B” there shall be substituted “regulations 4A to 4C”.

(3) In regulation 4B(1)(3) (calculation of liabilities where employer not insolvent and where winding up commences on or after 11th June 2003) at the beginning there shall be inserted “Subject to regulation 4C,”.

(4) After regulation 4B there shall be inserted the following regulation –

“Calculation of liabilities where winding up commences, and date of calculation falls, on or after 15th February 2005

4C.— (1) This regulation shall apply in the case of a scheme which begins to wind up on or after 15th February 2005 (“the commencement date”), and the date by reference to which the liabilities and assets of the scheme are determined, calculated and verified for the purposes of Article 75 is a date falling on or after the commencement date.

(2) In the case of a scheme to which this regulation applies, regulation 4 shall have effect as if –

(a) in paragraph (1)(c) for “paragraph (3)” there were substituted “paragraphs (2A) and (3)”;

(b) after paragraph (2) there were inserted the following paragraph –

“(2A) For the purpose of calculating the amount of the liabilities for the accrued rights to any pensions or other benefits of members of the scheme (including any increase to a pension) and for any future pensions, or other future benefits, attributable (directly or indirectly) to pension credits (including any increase to a pension) that have arisen on or before the crystallisation date or, as the case may be, the amount of the liabilities for any entitlement of members of the scheme to the payment of any pension or other benefit (including any increase to a pension) that has arisen on or before that date –

(a) 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); and

(b) paragraph (1)(b) shall not have effect.”; and

(c) in paragraph (5) for “Article 73(3)(aa) or (b)” there were substituted “Article 73(3)”.”

(1)

S.R. 1996 No. 621; relevant amending regulations are S.R. 2002 No. 64 and S.R. 2004 No. 60

(2)

Regulation 4(1) was amended by regulation 4(2) of S.R. 2002 No. 64 and regulation 2(2) of S.R. 2004 No. 60

(3)

Regulation 4B was inserted by regulation 2(5) of S.R. 2004 No. 60