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

Regulations 20 and 21 make provision in relation to schedules of contributions and the requirement on trustees or managers to report in relation to inadequate funding. Regulation 22 and Schedule 4 make provision as to the permitted methods for securing the shortfall in a case of serious underprovision. Regulation 23 makes provision as to the notification to the Occupational Pensions Regulatory Authority (“the Authority”) and to members concerning failure to pay contributions.

Regulations 25 to 27 make provision in relation to the power of the Authority to extend the period for making payments.

Regulation 28 provides for exemptions to the minimum funding requirement.

Regulation 29 and Schedule 5 provide for modification of the requirement in the case of multi-employer schemes, frozen or paid-up schemes, schemes covering United Kingdom and foreign employment and schemes with a partial government guarantee.

Regulation 30 and Schedule 6 make provision for trustees or managers to obtain an ongoing actuarial valuation and for its format, content and frequency.

The Pensions (1995 Order) (Commencement No. 2) Order (Northern Ireland) 1996 (S.R. 1996 No. 91 (C. 4)) provides for the coming into operation of Articles 41, 49, 56 to 61, 68 and 75 of the Order, for the purpose only of authorising the making of regulations, Article 166 of the Order, in so far as it was not already in operation, and Article 116 of the Order, on 6th April 1996. The Pensions (1995 Order) (Commencement No. 5) Order (Northern Ireland) 1996 (S.R. 1996 No. 534 (C. 25)) provides for the coming into operation of Articles 115 and 122(3) of the Order, in so far as they were not already in operation, on 19th November 1996.

As these Regulations make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Social Security in relation to Great Britain, the requirement for consultation under Article 117(1) of the Order does not apply by virtue of paragraph (2)(e) of that Article.

Footnotes

[^f00001]: S.I. 1995/3213 (N.I. 22)

[^f00002]: S.R. 1986 No. 225; regulation 8 was amended by regulation 2(5) and (6) of S.R. 1986 No. 319, regulation 4 of S.R. 1987 No. 283, regulation 8(6) of S.R. 1988 No. 109, regulation 11 of S.R. 1992 No. 304 and paragraph 6(6) of Schedule 2 to S.R. 1994 No. 300

[^f00003]: 1986 c. 60; the Note to paragraph 1 was amended by article 2 of S.I. 1991/1104

[^f00005]: Copies of GN 27 may be obtained from the Faculty of Actuaries, 17 Thistle Street, Edinburgh EH2 1DF

[^f00006]: 1954 c. 33 (N.I.)

[^f00007]: Copies are available from the Royal Institution of Chartered Surveyors, 12 Great George Street, Parliament Square, London SW1P 3AD

[^f00008]: 1993 c. 49; section 110 is repealed by paragraph 18 of Schedule 1 to the Pensions (Northern Ireland) Order 1995

[^f00009]: S.R. 1992 No. 47

[^f00010]: S.I. 1972/1073 (N.I. 10)

[^f00011]: 1965 c. 18 (N.I.)

[^f00012]: S.I. 1976/1779

[^f00013]: 1963 c. xxxii

[^f00014]: Section 611A was inserted by paragraph 15 of Schedule 6 to the Finance Act 1989 (c. 26)

[^f00015]: Copies of GN 9 may be obtained from the Faculty of Actuaries, 17 Thistle Street, Edinburgh EH2 1DF

[^f00016]: 1987 c. 22

[^f00017]: 1986 c. 53

[^f00018]: S.I. 1992/3218

[^f00019]: S.I. 1986/1032 (N.I. 6)