The Occupational Pension Schemes (Employer Debt) Regulations 2005

The MFR Regulations

1.—(1) The MFR Regulations are amended as follows.

(2) In regulation 2(2)–

(a) for “relevant insolvency event” substitute “relevant event”; and

(b) for “same meaning as in section 75” substitute “meaning given in section 75(6A)”.

(3) In regulation 13 (duty to obtain minimum funding valuations: section 75 debts in multi-employer schemes)—

(a) in paragraph (1) for “section 75(1)” substitute “section 75(2) or (4)”; and

(b) in paragraph (3) for “has the same meaning as in section 75(3)” substitute “means the time as at which the value of the assets of a scheme and the amount of its liabilities are to be determined, calculated and verified for the purposes of section 75”.

(4) In regulation 19 (records) in paragraph (3)(c) for “section 75(1)” substitute “section 75(2) or (4)”.

(5) In Schedule 4 (methods of securing shortfall in cases of serious underprovision)—

(a) in paragraph 1(1) for the definition of “section 75(1) shortfall” substitute—

““section 75 shortfall”, in relation to a scheme, means so much of the amount treated by section 75(2) or (4) as a debt due from the employer to the trustees or managers at the applicable time (as defined in regulation 2(1) of the Occupational Pension Schemes (Employer Debt) Regulations 2005), as is attributable to the value of the scheme assets falling short of the amount of the scheme liabilities by more than 10 per cent;”

(b) for “section 75(1) shortfall”, wherever else it occurs, substitute “section 75 shortfall”;

(c) in paragraphs 1(2), 2(2)(a), 3(3)(a), 4(2)(b) and (4) for “relevant insolvency event” substitute “relevant event”.