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

1. Introductory Text

2. Preliminary

   1. 1. Citation and commencement

   2. 2. Interpretation

3. Valuation of assets and liabilities

   1. 3. Determination, valuation and verification of assets and liabilities: general

   2. 4. Determination and valuation of assets

   3. 5. Rights under insurance contracts

   4. 6. Excluded assets

   5. 7. Determination and valuation of liabilities

   6. 8. Further provisions as to valuation: methodology, assumptions, etc.

   7. 9. Valuations by reference to future dates and periods

4. Minimum funding valuations

   1. 10. Time limits for minimum funding valuations

   2. 11. Duty to obtain minimum funding valuations following events with significant effects on funding

   3. 12. Duty to obtain minimum funding valuations where new serious underfunding suspected

   4. 13. Duty to obtain minimum funding valuations: Article 75 debts in multi-employer schemes

   5. 14. Minimum funding valuation statements

5. Schedules of contributions and certification

   1. 15. Time limits for preparing and revising schedules of contributions

   2. 16. Periods covered by schedules of contributions

   3. 17. Content and certification of schedules of contributions

   4. 18. Occasional and periodic certification of adequacy of contributions

   5. 19. Records

6. Inadequate contributions

   1. 20. Minimum funding valuations showing serious underprovision

   2. 21. Failure reports

   3. 22. Methods of securing shortfall in cases of serious underprovision

   4. 23. Failure to pay contributions due under schedule of contributions

   5. 24. Modification of shared cost schemes

7. Authority’s powers to extend periods for making payments

   1. 25. Extension of contribution period

   2. 26. Extension of period for meeting serious shortfalls

   3. 27. General extensions in exceptional circumstances

8. Exemptions

   1. 28. Exemptions

9. Modifications for special cases

   1. 29. Modifications

10. Ongoing actuarial valuations

    1. 30. Ongoing actuarial valuations and statements

11. Signature

12. 1. SCHEDULE 1

       Minimum funding valuation statements

       1. Part I The actuary’s statement

          1. 1. Each minimum funding valuation shall contain a statement made by...

          2. 2. Subject to paragraphs 3 to 6, such a statement shall...

          3. 3. If the actuary is of the opinion that on the...

          4. 4. If the actuary is of the opinion that on the...

          5. 5. If the actuary is of the opinion that on the...

          6. 6. At any time when Article 73(3) has effect in relation...

       2. Part II

    2. SCHEDULE 2

       Certification of schedules of contributions

       1. Part I Certification

          1. 1. A certificate given in the case mentioned in Article 58(6)(a)...

          2. 2. A certificate given in the case mentioned in Article 58(6)(b)...

          3. 3. Where a certificate is given in a case where Article...

          4. 4. Where a certificate is given in a case where Article...

       2. Part II

    3. SCHEDULE 3

       Periodical certification of contributions

       1. Part I Certification

          1. 1. A certificate given under regulation 18(1)(a)(i) in a case where...

          2. 2. A certificate given under regulation 18(1)(a)(ii) in a case where...

          3. 3. A certificate given under regulation 18(1)(a) in a case where...

          4. 4. If the actuary is of the opinion that no changes...

          5. 5. The statement mentioned in regulation 12(1) (duty to obtain minimum...

       2. Part II

    4. SCHEDULE 4

       Methods of securing shortfall in cases of serious underprovision

       1. Preliminary

          1. 1. (1) In this Schedule— “relevant institution” means— an institution authorised...

       2. Appropriate letters of credit

          1. 2. (1) The employer may secure the whole or part of...

       3. Designated deposit accounts

          1. 3. (1) The employer may secure the whole or part of...

       4. Charges over unencumbered assets

          1. 4. (1) The employer may secure the whole or part of...

       5. Expenses

          1. 5. Expenses incurred by the trustees or managers in connection with...

       6. Valuation of increases secured as mentioned in this Schedule

          1. 6. (1) An increase in value secured by the method specified...

    5. SCHEDULE 5

       Modifications

       1. Multi-employer schemes

          1. 1. (1) Where a scheme in relation to which there is...

          2. 2. (1) In the application of Article 58(4) to a scheme...

       2. Frozen or paid-up schemes

          1. 3. In the application of Articles 56 to 60 and these...

       3. Schemes covering United Kingdom and foreign employment

          1. 4. (1) This paragraph applies where a scheme which applies to...

          2. 5. (1) This paragraph applies in any case where a scheme...

       4. Schemes with partial government guarantee

          1. 6. Where such a guarantee has been given or such arrangements...

    6. SCHEDULE 6

13. Explanatory Note