Search Legislation

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

Status:

This is the original version (as it was originally made).

Content and certification of schedules of contributions

17.—(1) The schedule of contributions must show separately—

(a)the rates and due dates of all contributions (other than voluntary contributions) payable by or on behalf of active members of the scheme;

(b)the rates and due dates of the contributions payable by or on behalf of each person who is an employer in relation to the scheme; and

(c)if separate contributions to cover expenses which are likely to fall due for payment by the trustees or managers in the schedule period are made to the scheme, the rates and due dates of those contributions.

(2) In any case where—

(a)section 58(6)(b) applies; and

(b)the last minimum funding valuation for the scheme was not a serious shortfall valuation but showed that on the effective date of the valuation the value of the scheme assets was less than 98 per cent. of the amount of the scheme liabilities,

section 58(6)(b) shall have effect with the addition at the end of the words

and are such that the amount by which the value of the scheme assets falls short of the amount of the scheme liabilities will be reduced either—

(i)by additional contributions of equal or decreasing amounts made at not more than yearly intervals throughout that period, or

(ii)by increasing some or all of the contribution rates by a percentage which either remains the same throughout or decreases during that period.

(3) In any case where—

(a)section 58(6)(b) applies; and

(b)the last minimum funding valuation for the scheme was a serious shortfall valuation,

section 58(6)(b) shall have effect with the addition at the end of the words “and are such that they meet the uniform funding requirement specified in regulation 17 of the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996”.

(4) For the purposes of section 58(6)(b) as it has effect by virtue of paragraph (3), the uniform funding requirement is that, subject to paragraph (5)—

(a)during the schedule period there must be made at intervals of not more than one year contributions of equal or decreasing amounts totalling in aggregate such amount as in the opinion of the actuary is necessary for the purpose of securing that the minimum funding requirement will be met by the end of that period; or

(b)during that period some or all of the contribution rates must be increased by a percentage which either remains the same throughout or decreases during that period, so as to secure payments totalling in aggregate such an amount as is mentioned in sub-paragraph (a).

(5) In a case where the increase required to be secured by section 60(2) is to be secured by making an appropriate payment under paragraph (a) of that section, additional payments and contributions of amounts totalling in aggregate an amount equal to that increase, must be made before the expiry of the period of one year mentioned in regulation 20(1)(a) (extended as mentioned in regulation 20(3) where that regulation applies).

(6) Schedule 2 makes further provision about schedules of contributions and their certification under section 58.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources