The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations (Northern Ireland) 2023

Reporting requirements relating to benefit adjustments

20.  A report under section 73(2) of the 2021 Act (benefits adjustments) must, in addition to an explanation of why the adjustment was not made in accordance with the most recent actuarial valuation or (as the case may be) does not take effect in accordance with the scheme rules, contain the following information—

(a) the level of any adjustments applied;

(b) the level of the benefit adjustment that should have been applied in accordance with the most recent actuarial valuation or (as the case may be) the scheme rules;

(c) any proposed remedial actions;

(d) a timetable for implementing any remedial actions;

(e) a statement as to whether the failure to apply the benefit adjustment in accordance with the most recent actuarial valuation or (as the case may be) the scheme rules will or is likely to result in any negative impact on the scheme’s ongoing ability to provide the pension benefits under the design of the scheme;

(f) where there is or is likely to be a negative impact on the scheme’s ongoing ability to provide the pension benefits, details of any proposed actions to address this.