The Occupational Pension Schemes (Employer Debt) Regulations (Northern Ireland) 2005

Regulation 18

SCHEDULE 2 N.I. Consequential Amendments

The MFR Regulations N.I.

1.—(1) The MFR Regulations shall be amended in accordance with sub-paragraphs (2) to (5).

(2) In regulation 2(4) (interpretation) –

(a) for “relevant insolvency event” there shall be substituted “relevant event”, and

(b) for “same meaning as in Article 75” there shall be substituted “meaning given in Article 75(6A)”.

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

(a) in paragraph (1) for “Article 75(1)” there shall be substituted “Article 75(2) or (4)”, and

(b) in paragraph (3) for “has the same meaning as in Article 75(3)” there shall be substituted “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 Article 75”.

(4) In regulation 19(3)(c) (records) for “Article 75(1)” there shall be substituted “Article 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 “Article 75(1) shortfall” there shall be substituted the following definition –

““Article 75 shortfall”, in relation to a scheme, means so much of the amount treated by Article 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 (Northern Ireland) 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 “Article 75(1) shortfall”, wherever else it occurs, there shall be substituted “Article 75 shortfall”;

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

Commencement Information

I1 Sch. 2 para. 1 in operation at 6.4.2005, see reg. 1(1)

The Occupational Pension Schemes (Investment) Regulations N.I.

2.  In regulation 6(7)(c) of the Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 1996(1) (investments to which restrictions do not apply) for “Article 75(1)” there shall be substituted “Article 75(2) or (4)”.

Commencement Information

I2 Sch. 2 para. 2 in operation at 6.4.2005, see reg. 1(1)

The Winding Up Regulations N.I.

3.  In regulation 10(2) of the Winding Up Regulations –

(a) for “relevant insolvency event” there shall be substituted “relevant event”, and

(b) in sub-paragraph (a) for “Article 75(4) (definition of relevant insolvency events)” there shall be substituted “Article 75(6A) (definition of relevant events)”.

Commencement Information

I3 Sch. 2 para. 3 in operation at 6.4.2005, see reg. 1(1)

(1)

S.R. 1996 No. 584; relevant amending Regulations are S.R. 1997 No. 162, S.R. 1999 No. 309 and S.R. 2003 No. 256