The Pensions Act 2011(Transitional, Consequential and Supplementary Provisions) Regulations 2014

PART 12 Scheme Administration

Modification of the Occupational Pension Schemes (Scheme Administration) Regulations 1996

41.—(1) This regulation applies where during any period before the appointed day—

(a) benefits under an occupational pension scheme included benefits which are not money purchase benefits;

(b) the trustees or managers of the scheme treated the scheme as if it were a money purchase scheme; and

(c) for that reason, the trustees or managers of the scheme treated the scheme as if it were exempted by regulation 3(2)(a) of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (exemption from the professional advisers requirements for money purchase schemes)(1) (“the Scheme Administration Regulations”) from the requirement to appoint an actuary in relation to the scheme in accordance with section 47(1)(b) of the 1995 Act (professional advisers).

(2) Where this regulation applies—

(a) regulation 3(2)(a) of the Scheme Administration Regulations applies in relation to any period before the date specified in sub-paragraph (b) during which there was no actuary appointed in relation to the scheme as if the scheme were a money purchase scheme; and

(b) subject to paragraph (3), the trustees or managers of the scheme must, on or before 6th October 2014, appoint an actuary in accordance with section 47(1)(b) of the 1995 Act.

(3) The requirement in paragraph (2)(b) to appoint an actuary in accordance with section 47(1)(b) of that Act does not apply where, in relation to any period, the scheme is exempted from that requirement by regulation 3 of the Scheme Administration Regulations.

Scheme accounts

42.—(1) This regulation applies where, before the appointed day—

(a) benefits under an occupational pension scheme included benefits which are not money purchase benefits; and

(b) the trustees or managers of the scheme treated those benefits as if they were money purchase benefits.

(2) Where this regulation applies, no provision of Part 4 of the Act or of these Regulations affects the validity of scheme accounts prepared in relation to any period before the appointed day.

(1)

S.I. 1996/1715. Regulation 3(2) was amended by S.I.s 2005/2426, 2006/778 and 2010/499.