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The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996

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This is the original version (as it was originally made).

Periods covered by schedules of contributions

16.—(1) Subject to paragraph (2), a schedule of contributions for a scheme which is prepared under subsection (3)(a) of section 58 or revised under subsection (3)(c) of that section must show the rates of contributions payable towards the scheme during the period of 5 years beginning with the date on which the rates of contributions shown in the schedule are certified; and that is the period by reference to which the actuary must be of the opinion that the rates are adequate as mentioned in subsection (6)(a) or (b) of that section, if he is to certify them.

(2) Where at any time during the transitional period a minimum funding valuation for a scheme shows that on the effective date the minimum funding requirement is not met, then the period referred to in paragraph (1) which applies for the schedule which must be prepared following that valuation by virtue of section 58(3)(a) or (c) is extended so as to end with the expiry of the period of 10 years beginning with the commencement date.

(3) The period which is applicable to the schedule of contributions for a scheme by virtue of paragraphs (1) and (2) (subject to any alteration under regulation 25) is in these Regulations referred to as “the schedule period”.

(4) A schedule of contributions which is revised under subsection (3)(b) of section 58 must show the rates of contributions payable towards the scheme during the remainder of the schedule period which is current on the date on which the revised rates are certified; and that is the period by reference to which the actuary must be of the opinion that the rates are adequate as mentioned in subsection (6)(a) or (b) of that section, if he is to certify them.

(5) Where section 58(4)(b) applies (matters to be shown in the schedule of contributions where agreement is not reached about those matters), the period mentioned in paragraph (i) of that section (the period during or at the end of which the minimum funding requirement must be met) is—

(a)in the cases mentioned in paragraph (1), the schedule period; and

(b)in the case mentioned in paragraph (4), the remainder of the current period there mentioned.

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