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The Occupational Pension Schemes (Power to Amend Schemes to Reflect Abolition of Contracting-out) Regulations (Northern Ireland) 2015

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Scheme liabilities in respect of the benefits that accrue annually for or in respect of the relevant members

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6.—(1) For the purposes of paragraph 2(3)(c) of Schedule 14, a “scheme’s liabilities in respect of the benefits that accrue annually for or in respect of the relevant members” means any liabilities which arise by virtue of any rights accruing to future benefits under the scheme rules for or in respect of the relevant members.

(2) Where those rights include discretionary benefits, the discretionary benefits are to be taken into account in the same way as in the scheme’s technical provisions—

(a)where the calculation date is the same date as the effective date of an actuarial valuation, calculated by reference to that date, or

(b)where the calculation date is not the same date as that date, calculated by reference to the date of the most recent actuarial valuation before the calculation date.

(3) Where those rights include money purchase benefits, the money purchase benefits are not to be taken into account.

(4) The actuary is to calculate the reduction, due to the proposed amendments, in the scheme’s liabilities in respect of the benefits that accrue annually for or in respect of the relevant members—

(a)estimated for the period of one year beginning with the calculation date;

(b)using the earnings data specified in regulation 7, and

(c)in accordance with the requirements of regulation 8.

(5) In this regulation, “money purchase benefits” has the meaning given by section 176(1)(1) of the Pension Schemes Act.

(1)

The definition of “money purchase benefits” was amended by section 27(1) of the Pensions Act (Northern Ireland) 2012 (c. 3 (N.I.)) and paragraph 19 of the Schedule to S.R. 2005 No. 434

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