The Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations (Northern Ireland) 2007

11.  In the Pension Sharing (Implementation and Discharge of Liability) Regulations (Northern Ireland) 2000(1)—

(a) in regulation 1(2) (interpretation) after the definition of “base rate” insert—

““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”;

(b) for regulation 10(1)(b) (calculation of the value of appropriate rights) substitute—

“(b) “Retirement Benefit Schemes—Transfer Values (GN 11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day.”, and

(c) for regulation 16(2J)(2) (adjustments to amount of pension credit – occupational pension schemes which are underfunded on the valuation day) substitute—

“(2J) The references in this regulation to the actuary’s last relevant GN 11 report are to his last report before the valuation day in accordance with “Retirement Benefit Schemes—Transfer Values (GN 11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day.”.

(1)

S.R. 2000 No. 145; relevant amending Regulations are S.R. 2005 No. 171

(2)

Paragraph (2J) was inserted by regulation 17(2) of S.R. 2005 No. 171