- Latest available (Revised)
- Original (As made)
There are currently no known outstanding effects for the The Occupational Pension Schemes (Scheme Funding) Regulations 2005, Section 3.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
3.—(1) The assets of a scheme to be taken into account for the purposes of Part 3 of the 2004 Act are the assets attributed to the scheme in the relevant accounts, excluding—
(a)any resources invested (or treated as invested by or under section 40 of the 1995 Act) in contravention of section 40(1) of the 1995 Act (employer-related investments);
(b)any amounts treated as a debt due to the trustees or managers under section 75(2) or (4) of the 1995 Act M1 (deficiencies in the assets) or section 228(3) of the 2004 Act (amounts due in accordance with a schedule of contributions) which are unlikely to be recovered without disproportionate cost or within a reasonable time, and
(c)where it appears to the actuary that the circumstances are such that it is appropriate to exclude them, any rights under an insurance policy.
(2) The liabilities of a scheme to be taken into account for the purposes of Part 3 of the 2004 Act are any liabilities—
(a)in relation to a member of the scheme by virtue of—
(i)any right that has accrued to or in respect of him to future benefits under the scheme rules, or
(ii)any entitlement to the present payment of a pension or other benefit which he has under the scheme rules, and
(b)in relation to the survivor of a member of the scheme, by virtue of any entitlement to benefits, or right to future benefits which he has under the scheme rules in respect of the member.
(3) For the purposes of paragraph (2)—
“right” includes a pension credit right, and
“the survivor” of a member is a person who—
(a)is the widow, widower or surviving civil partner of the member, or
(b)has survived the member and has any entitlement to benefit, or right to future benefits, under the scheme in respect of the member.
(4) Where rights under an insurance policy are excluded under paragraph (1)(c), the liabilities secured by the policy shall be disregarded for the purposes of paragraph (2).
(5) Where arrangements are being made by the scheme for the transfer to or from it of accrued rights and any pension credit rights, until such time as the trustees or managers of the scheme to which the transfer is being made (“the receiving scheme”) have received assets of the full amount agreed by them as consideration for the transfer, it shall be assumed—
(a)that the rights have not been transferred, and
(b)that any assets transferred in respect of the transfer of those rights are assets of the scheme making the transfer and not of the receiving scheme.
Marginal Citations
M1Section 75 was amended by section 271 of the Pensions Act 2004.
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.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: