The Pensions (Institute and Faculty of Actuaries and Consultation by Employers – Amendment) Regulations 2012
The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by—
- sections 19(4)(c), 73(4)(b), 97(1), 101AF(1), 101D(4)(b), 181(1) and 182(2) and (3) of, and paragraph 5(3C)(c) of Schedule 2 to, the Pension Schemes Act 19931,
- sections 37(3)(a), 47(5)(b), 67C(7)(a)(ii), 75(5), 124(1) and 174(2) and (3) of the Pensions Act 19954, and
- sections 23(10), 143(11)(a)(ii)(a), 156(6), 179(2), 259(1) and (2), 260(1), 315(2), (4) and (5) and 318(1) of, and paragraph 22(4)(a) of Schedule 5 to, the Pensions Act 20045.
Citation and commencement
1.
(1)
These Regulations may be cited as the Pensions (Institute and Faculty of Actuaries and Consultation by Employers – Amendment) Regulations 2012.
(2)
They come into force on 6th April 2012.
Amendments to the consultation by employer requirements
2.
(1)
(2)
“(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)
“(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.
4.
“(i)
Fellowship of the Institute and Faculty of Actuaries; or”.
5.
“(i)
a Fellow of the Institute and Faculty of Actuaries; or”.
6.
(a)
regulation 2(6) (interpretation), and
(b)
paragraph 2 of the certificate in Schedule 1 (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”.
7.
8.
9.
10.
11.
12.
(a)
for “qualifications” substitute “qualification”, and
(b)
for “are—” to the end of the regulation substitute “is Fellowship of the Institute and Faculty of Actuaries.”.
13.
“(i)
a Fellow of the Institute and Faculty of Actuaries; or”.
14.
15.
16.
17.
Signed by authority of the Secretary of State for Work and Pensions.
These Regulations amend 15 Statutory Instruments and one Northern Ireland Statutory Rule about occupational pension schemes, the Pension Protection Fund, the Pensions Regulator and pension sharing.
Regulation 2 amends the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 (S.I. 2006/349). Regulation 2(3) makes an amendment which provides that certain members of occupational pension schemes must be consulted before the rate at which their pensions are revalued or indexed (increased) can be changed. It also provides that no such consultation has to be carried out if that change is beneficial or neutral for the member. Regulation 2(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 force.
Regulations 3 to 17 replace references to the Institute of Actuaries and to the Faculty of Actuaries with references to the Institute and Faculty of Actuaries, which is the new body formed by the merger of the Institute of Actuaries and the Faculty of Actuaries.
Regulation 2 has a negligible impact on the private sector and civil society organisations. An assessment of the impact of regulation 2 of these Regulations is included in the impact assessment entitled ‘Impact of the move to CPI for Occupational Pensions’ dated 11th February 2011. Copies of that impact assessment are available from the libraries of both Houses of Parliament, the Better Regulation Unit of the Department for Work and Pensions, Caxton House, Tothill Street, London SW1H 9NA and the Department’s website at: http://www.dwp.gov.uk/publications/impact-assessments.
A full impact assessment has not been published for regulations 3 to 17 of this instrument as they have no impact on the costs of the private sector and civil society organisations.