2012 No. 113
Pensions

The Pensions (Institute and Faculty of Actuaries and Consultation by Employers) (Amendment) Regulations (Northern Ireland) 2012

Made
Coming into operation
The Department for Social Development makes the following Regulations in exercise of the powers conferred by sections 15(4)(c), 69(4)(b), 93(1), 97AF(1), 97D(4)(b) and 177(2) to (4) of the Pension Schemes (Northern Ireland) Act 19931, Articles 37(3)(a), 47(5)(b), 67C(7)(a)(ii), 75(5) and 166(1) to (3) of the Pensions (Northern Ireland) Order 19952, and now vested in it3, and Articles 19(10), 127(11)(a)(ii)(a), 140(6), 162(2), 236(1) and (2), 237(1) and 287(2) and (3) of the Pensions (Northern Ireland) Order 20054.

Citation, commencement and interpretation

1.

(1)

These Regulations may be cited as the Pensions (Institute and Faculty of Actuaries and Consultation by Employers) (Amendment) Regulations (Northern Ireland) 2012 and shall come into operation on 6th April 2012.

(2)

The Interpretation Act (Northern Ireland) 19545 shall apply to these Regulations as it applies to an Act of the Assembly.

Amendments to the consultation by employers requirements

2.

(1)

The Occupational and Personal Pension Schemes (Consultation by Employers) Regulations (Northern Ireland) 20066 are amended in accordance with paragraphs (2) and (3).

(2)

In regulation 6 (consultation required before decisions to make listed changes affecting schemes) for paragraph (4) substitute—

“(4)

The first case is where the active or prospective members of the scheme to whom—

(a)

a listed change mentioned in regulation 8(1)(h) relates were notified before 6th April 2012 of the proposal to make that change, or

(b)

any other listed change relates were notified before 6th April 2006 of the proposal to make that change.”.

(3)

In regulation 8(1) (listed changes: occupational pension schemes) after sub-paragraph (g) add—

“(h)

to change the rate at which—

(i)

pensions in payment under the scheme are increased, or

(ii)

pensions or other benefits payable under the scheme are revalued,

but only where that change would be, or would be likely to be, less generous to members or members of a particular description.”.

Amendments to refer to the Institute and Faculty of Actuaries

3.

In regulation 12(5)(b) of the Occupational Pension Schemes (Preservation of Benefit) Regulations (Northern Ireland) 19917 (transfer of member’s accrued rights without consent) for “Institute of Actuaries, a Fellow of the Faculty of Actuaries,” substitute “Institute and Faculty of Actuaries8”.

4.

In the Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 19969 in—

(a)

regulation 2(6) (interpretation), and

(b)

paragraph 2 of the certificate set out in Schedule 110 (form of actuary’s certificate),

for “prepared and published by the Institute of Actuaries and the Faculty of Actuaries” substitute “published by the Institute and Faculty of Actuaries”.

5.

In regulation 1(2) of the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 199611 (interpretation) in the definition of “actuary” in paragraph (b) for sub-paragraphs (i) and (ii) substitute—

“(i)

a Fellow of the Institute and Faculty of Actuaries; or”.

6.

In regulation 4(1)(b) of the Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 199712 (qualifications and experience or approval required for appointment as auditor or actuary) for heads (i) and (ii) substitute—

“(i)

Fellowship of the Institute and Faculty of Actuaries; or”.

7.

In regulation 1(2) of the Occupational Pension Schemes (Discharge of Liability) Regulations (Northern Ireland) 199713 (interpretation) omit the definition of “actuary”.

8.

In regulation 10(8) of the Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 200014 (transfer of a person’s pension credit rights without consent) in the definition of “relevant actuary” in paragraph (b) for “Institute of Actuaries, a Fellow of the Faculty of Actuaries,” substitute “Institute and Faculty of Actuaries”.

9.

In regulation 2 of the Pensions Regulator (Freezing Orders and Consequential Amendments) Regulations (Northern Ireland) 200515 (meaning of “the actuary”)—

(a)

for “qualifications” substitute “qualification”;

(b)

for the words from “are—” to the end substitute “is Fellowship of the Institute and Faculty of Actuaries.”.

10.

In regulation 10 of the Pension Protection Fund (Valuation) Regulations (Northern Ireland) 200516 (prescribed qualifications for the purposes of Article 127 and Article 162 of the Order) for the words from “qualifications is” to the end substitute “qualifications is a Fellow of the Institute and Faculty of Actuaries.”.

11.

In regulation 1(2) of the Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations (Northern Ireland) 200617 (interpretation) in the definition of “actuary” in paragraph (b) for sub-paragraphs (i) and (ii) substitute—

“(i)

a Fellow of the Institute and Faculty of Actuaries, or”.

12.

In regulation 4 of the Occupational Pension Schemes (Modification of Schemes) Regulations (Northern Ireland) 200618 (qualifications or experience required for a person providing an actuarial equivalence statement) for the words from “experience is” to the end substitute “experience is a Fellow of the Institute and Faculty of Actuaries.”.

13.

In regulation 6(b) of the Occupational Pension Schemes (Payments to Employer) Regulations (Northern Ireland) 200619 (prescribed persons for the purposes of Article 37(3)(a)) for the words from “that Article” to the end substitute “that Article, a Fellow of the Institute and Faculty of Actuaries.”.

14.

In regulation 5 of the Pension Protection Fund (Closed Schemes) Regulations (Northern Ireland) 200720 (prescribed qualifications for the purposes of Article 140) for the words from “qualifications is” to the end substitute “qualifications is a Fellow of the Institute and Faculty of Actuaries.”.

Sealed with the Official Seal of the Department for Social Development on 12th March 2012

(L.S.)
Anne McCleary
A senior officer of the Department for Social Development
EXPLANATORY NOTE
(This note is not part of the Regulations)

These Regulations amend certain regulations relating to occupational pension schemes, pension sharing, the Pensions Regulator and the Pension Protection Fund.

Regulation 2 amends the Occupational and Personal Pension Schemes (Consultation by Employers) Regulations (Northern Ireland) 2006. Paragraph (3) makes an amendment which provides that certain members of occupational pension schemes must be consulted before the rate at which their pensions are increased (indexed) or revalued can be changed. It also provides that no such consultation has to be carried out if the change is beneficial or neutral for the member. Paragraph (2) makes a consequential amendment so that no such consultation is required if the members were notified of that change before these Regulations came into operation.

Regulations 3 to 14 amend references to the Institute of Actuaries and to the Faculty of Actuaries following the merger of the two bodies into the Institute and Faculty of Actuaries.

As these Regulations, in so far as they are made under the Pensions (Northern Ireland) Order 1995 (“the 1995 Order”) and the Pensions (Northern Ireland) Order 2005 (“the 2005 Order”), make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Work and Pensions in relation to Great Britain, the requirement to consult under Article 117(1) of the 1995 Order and Article 289(1) of the 2005 Order does not apply by virtue of paragraph (2)(e) of each of those Articles.