The Local Government Pension Scheme Regulations (Northern Ireland) 2014

The fund and the admission agreement fund

61.—(1) The Committee shall maintain a pension fund for the Scheme (“the fund”).

(2) Where the Committee has made an admission agreement, it may establish and maintain a further fund (an “admission agreement fund”) in addition to the fund maintained under paragraph (1).

(3) Immediately after the Committee establishes an admission agreement fund, it shall give the Department written notice that it has done so.

(4) The notice shall specify the admission bodies whose employees are eligible for benefits from the admission agreement fund.

(5) Where an admission agreement fund is established—

(a) the liabilities of the fund as respects membership in employment with those specified bodies become liabilities of the admission agreement fund; and

(b) assets of such value as an actuary appointed by the Committee determines to be appropriate shall be transferred from the fund to the admission agreement fund.

(6) When valuations under regulation 68 (actuarial valuations and certificates) of both the fund and the admission agreement fund are first obtained after the admission agreement fund is established, the Committee shall obtain from the actuary it has appointed—

(a) a transfer statement; and

(b) a rates and adjustment certificate for the admission agreement fund for each remaining year of the period covered by the most recent such certificate for its fund.

(7) The transfer statement shall specify whether, in the actuary’s opinion, there is a need for further assets to be transferred from the fund to the admission agreement fund, or vice versa, and if so, their value.

(8) Where the transfer statement specifies that assets of a specified value need to be transferred, the Committee shall arrange for assets of that value to be transferred as soon as is reasonably practicable.