The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2013

Amendment of the Pension Protection Fund (Valuation) Regulations

5.—(1) The Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005(1) are amended in accordance with paragraphs (2) to (5).

(2) In regulation 1(2) (interpretation)—

(a) after the definition of “Article 136 determination”(2) insert—

““Article 136(9) valuation” means a valuation obtained under Article 136(9) of the Order;”;

(b) after the definition of “Article 142 determination” insert—

““Article 142 valuation” means a valuation obtained under Article 142(3)(b)(3) of the Order;”.

(3) In regulation 6(1)(a) and (b)(4) (valuation of protected liabilities) for “market rate” substitute “best value rate available in the market as estimated by the Board”.

(4) In regulation 7(4)(c)(5) (alternative valuation of assets and protected liabilities in specific cases)—

(a) in head (i) at the beginning insert “either none of the amount due or only”;

(b) in head (ii)—

(i) for “no further” substitute “some or all of the”;

(ii) after “notice or direction will” insert “not”.

(5) In regulation 7A(6) (application of these regulations to applications for reconsideration and by closed schemes)—

(a) for paragraph (3) substitute—

“(3) Regulations 3 to 7 apply in relation to an Article 136(9) valuation, an Article 136(10A) valuation and an Article 142 valuation as they apply in relation to an Article 127 valuation.”;

(b) in paragraph (4) for “to Article 136(10A) valuations” substitute “to an Article 136(9) valuation, an Article 136(10A) valuation or an Article 142 valuation”.

(1)

S.R. 2005 No. 131; relevant amending Regulations are S.R. 2007 No. 193 and S.R. 2012 No. 270

(2)

The definitions of “Article 136 determination” and “Article 142 determination” were inserted by regulation 5(2)(d) of S.R. 2012 No. 270

(3)

Article 142(3) was substituted by paragraph 11(2) of Schedule 4 to the Pensions Act (Northern Ireland) 2012

(4)

Regulation 6 was amended by regulation 3(5) of S.R. 2007 No. 193 and regulation 5(6) of S.R. 2012 No. 270

(5)

Regulation 7(4)(c) was amended by regulation 5(7)(b)(iv) of S.R. 2012 No. 270

(6)

Regulation 7A was inserted by regulation 5(8) of S.R. 2012 No. 270