The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014

Regulation 15(1)

SCHEDULE 4 Summary funding statements

1.  A summary that—

(a) explains the extent to which the assets of the scheme are adequate to cover its technical provisions, and

(b) is based on—

(i) the last actuarial valuation under Article 203 of the 2005 Order (actuarial valuations and reports) received by the trustees or managers of the scheme, and

(ii) any actuarial report under that provision they have received since that actuarial valuation.

2.  In the case of the first summary funding statement issued in respect of the scheme, an explanation of the changes in the funding position of the scheme since—

(a) the last actuarial valuation of the scheme under Article 203(1)(a) of the 2005 Order, or

(b) if no such valuation was obtained, the last actuarial valuation under the scheme rules.

3.  In the case of any subsequent summary funding statement, an explanation of any change in the funding position of the scheme since the date of the previous summary funding statement.

4.  The actuary’s estimate of solvency contained in the last actuarial valuation under Article 203 of the 2005 Order received by the trustees or managers of the scheme.

5.  A summary of any recovery plan prepared under Article 205 of the 2005 Order that is currently in force.

6.  A statement explaining—

(a) whether the scheme has been modified under Article 210(2)(a) of the 2005 Order;

(b) whether the scheme is subject to directions by the Regulator under Article 210(2)(b) of the 2005 Order, and

(c) whether the scheme is bound by a schedule of contributions imposed by the Regulator under Article 210(2)(c) of the 2005 Order.

7.  Where there has been a modification, directions or a schedule of contributions referred to in paragraph 6, a summary of the circumstances in which they were made.

8.  A statement explaining whether any payment to the employer under Article 37(1) of the 1995 Order (payment of surplus to employer) has been made—

(a) in the case of the first summary funding statement issued in respect of the scheme, in the 12 months before the date on which that statement is prepared, and

(b) in the case of any subsequent summary funding statement issued in respect of the scheme, since the date of the last such statement.

9.  Where a payment referred to in paragraph 8 has been made, the amount of that payment.

(1)

Article 37 was substituted by Article 227 of the Pensions (Northern Ireland) Order 2005 and amended by section 105 of the Pensions (No. 2) Act (Northern Ireland) 2008