Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 1996
| Jurisdiction | UK Non-devolved |
| Citation | SI 1996/3128 |
(1) These Regulations may be cited as the Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 1996.(2) This regulation shall come into force on 19th December 1996.(3) Subject to paragraphs (2) and (4) to (6) and regulation 6(1) (in so far as it relates to the period there mentioned) , these Regulations shall come into force on 6th April 1997.(4) Regulations 3 to 6 shall not apply where the applicable time falls before that date.(5) Regulations 3 to 6 shall not apply to any scheme which began to be wound up earlier than 19th December 1996.(6) Regulations 7 to 9 shall only apply where the act or omission to which the reduction in value is attributable occurred after 5th April 1997.(1) For the purposes of these Regulations the time when a scheme begins to be wound up shall be determined in accordance with regulation 2 of the Occupational Pension Schemes (Winding Up) Regulations 1996 (2) In these Regulations, unless the context otherwise requires —(3) References in these Regulations to a relevant insolvency event occurring in relation to an employer have the same meaning as in section 75.(4) In these Regulations “scheme" must be construed in appropriate cases in accordance with subsections (1B) and (1C) of section 75 (as inserted by regulation 4(2) or, as the case may be, regulation 8) and Schedule 2 (and “employer" and “member" must be construed accordingly) .(5) References in these Regulations to the guidance in GN 19 are to the guidelines on winding up and scheme asset deficiency (GN 19) , adopted or prepared, and from time to time revised, by F33the Financial Reporting Council LimitedF28, with any such revisions at the applicable time.(6) References in these Regulations to the guidance in GN 27 are to the guidelines on minimum funding requirement (GN 27) , F30published by the Institute and Faculty of Actuaries and approved for the purposes of the MFR Regulations by the Secretary of State, with such revisions as have been so approved at the applicable time.expressions used in these Regulations have the same meaning as if they were used in Part I of the Pensions Act 1995; andin these Regulations any reference to a section shall be construed as a reference to a section of that Act.on the general assumptions specified in paragraphs (2) and (3) of regulation 3 of the MFR Regulations;subject to paragraphs (3) and (4) , in accordance with regulations 4 to 8 of the MFR Regulations;subject to sub-paragraph (d) , in so far as the guidance given in GN 27 applies as respects regulations 3(2) and (3) and 4 to 8 of the MFR Regulations, in accordance with that guidance; andin accordance with the guidance given in GN 19 so far as that guidance applies for the purposes of these Regulations;(2) The value of the assets and the amount of the liabilities of a scheme which are to be taken into account for the purposes of section 75(1) must be certified by the actuary in the form set out in Schedule 1 to these Regulations, but if the scheme is being wound up on the date as at which the valuation is made, the actuary must modify the note at the end of the certificate by omitting the words from “if the scheme" onwards.references in regulations 3(2) , 4, 5, 7 and 8 of the MFR Regulations to the relevant date shall be taken as references to the applicable time;regulations 4(1) , 7(1) and 8(2) of the MFR Regulations shall have effect with the substitution for the words “the minimum funding requirement is met" of the words “ the value of the assets of the scheme is less than the amount of the liabilities of the scheme ” ;regulation 6(1) (b) of the MFR Regulations shall have effect with the addition at the end of the words “ (and any amount treated as a debt due to the trustees or managers of the scheme under section 75(1) by virtue of the valuation in question) ” .(4) In its application for the purposes of this regulation in a case where the applicable time falls after the scheme has begun to be wound up, regulation 6(1) of the MFR Regulations has effect with the addition after sub-paragraph (c) of the words —
- and for the purposes of sub-paragraph (a) , regulation 5(1) (a) of the Occupational Pension Schemes (Investment) Regulations 1996 (exclusion of employer-related investments over 5 per cent. of current market value) shall be disregarded.
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