2012 No. 294
The Pensions (Financial Reporting Council) (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 8A(4) and (5) and 109(1) and (3A) of the Pension Schemes (Northern Ireland) Act 1993 F1, Articles 41(1) and (6), 67D(4) and (5), 73B(4)(a), 75(5), 75A(4) and (5) and 116 of the Pensions (Northern Ireland) Order 1995 F2, and now vested in it F3, and Articles 127(3) and (4), 135(8)(b) and (9)(b), 140(2) and 209(3) of the Pensions (Northern Ireland) Order 2005 F4.
Paragraphs 5, 8, 9 and 13 of the Schedule are consequential on the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 F5.
S.I. 1995/3213 (N.I. 22); Article 41 was amended by paragraph 10(1) of Schedule 5 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000, paragraph 46 of Schedule 10, and Schedule 11, to the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)) and paragraph 22 of the Schedule to S.R. 2005 No. 434; Articles 67 to 67I were substituted for Article 67 by Article 239 of the Pensions (Northern Ireland) Order 2005 and Article 67D(5) was amended by paragraph 5 of Schedule 5 to the Pensions Act (Northern Ireland) 2008; Articles 73, 73A and 73B were substituted for Article 73 by Article 247(1) of the Pensions (Northern Ireland) Order 2005; Article 75(5) was amended by Article 248(3) of that Order; Article 75A was inserted by Article 249 of that Order; Article 116 was amended by paragraph 62 of Schedule 10, and Schedule 11, to that Order and paragraph 6 of Schedule 5 to the Pensions Act (Northern Ireland) 2008
See Article 8(b) of S.R. 1999 No. 481
S.I. 2005/255 (N.I. 1); Part III is modified in its application to partially guaranteed schemes, hybrid schemes and multi-employer schemes by, respectively, S.R. 2005 Nos. 55 (as amended by S.R. 2010 No. 32), 84 and 91 (as amended by S.R. 2005 Nos. 194 and 357, S.R. 2008 No. 132, S.R. 2010 No. 111 and S.R. 2012 No. 1); Article 127 is amended by paragraph 5 of Schedule 4 to the Pensions Act (Northern Ireland) 2012 (c. 3 (N.I.)) and is modified by S.R. 2005 No. 137; Article 135 is amended by paragraphs 9 and 14 of Schedule 4 to that Act; Article 209(3) was amended by paragraph 7 of Schedule 5 to the Pensions Act (Northern Ireland) 2008
Citation, commencement and interpretation1
1
These Regulations may be cited as the Pensions (Financial Reporting Council) (Amendment) Regulations (Northern Ireland) 2012 and shall come into operation on 9th August 2012.
2
The Interpretation Act (Northern Ireland) 1954 F6 shall apply to these Regulations as it applies to an Act of the Assembly.
Amendment of Regulations2
The Schedule shall have effect.
Revocations3
The following provisions are revoked—
a
paragraphs 1, 3, 4(a)(i), 6, 8, 13, 14, 15 and 17(a) of the Schedule to the Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations (Northern Ireland) 2007 F7;
b
regulation 4(3) of the Occupational Pension Schemes (Employer Debt and Miscellaneous Amendments) Regulations (Northern Ireland) 2008 F8;
c
regulation 3(2) of the Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2010 F9.
Sealed with the Official Seal of the Department for Social Development on 19th July 2012
SCHEDULEAmendment of Regulations
1
In regulation 1(2) of the Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1987 F10 (interpretation)—
a
omit the definition of “the Board for Actuarial Standards”F11;
2
In the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland)1996 F14—
a
in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”F15;
b
in regulation 23(a) F16 (requirements for meeting the statutory standard) for “the Board for Actuarial Standards” substitute “
the Financial Reporting Council Limited
”
.
3
In the Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 1996 F17—
a
in regulation 2 (interpretation)—
i
in paragraph (2) omit the definition of “the Board for Actuarial Standards”F18;
ii
in paragraph (5) F19 for “the Board for Actuarial Standards” substitute “
the Financial Reporting Council Limited
”
;
b
in paragraph 2 of the certificate set out in Schedule 1 F20 (form of actuary's certificate) for “the Board for Actuarial Standards” substitute “
the Financial Reporting Council Limited
”
.
4
In the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996 F21—
a
in regulation 1 (interpretation)—
i
in paragraph (3) omit the definition of “the Board for Actuarial Standards”F22;
ii
for paragraph (5) F23 substitute—
5
In these Regulations references to FRC standards are to actuarial standards adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited, which are relevant to the determination, calculation and verification of the amount or value of the liabilities of the scheme to which Article 73 applies.
b
in regulation 4(1)(d) F24 (calculation of the value or amount of scheme assets and liabilities) for “BAS standards” substitute “
FRC standards
”
.
5
In paragraph 8 of the Schedule to the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement
from the Auditor) Regulations (Northern Ireland) 1997 F25 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “
the Financial Reporting Council Limited
”
.
6
In regulation 1(2) of the Occupational Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1997 F26 (interpretation)—
a
omit the definition of “the Board for Actuarial Standards”F27;
b
in the definition of “relevant guidance”F28 for “the Board for Actuarial Standards” substitute “
the Financial Reporting Council Limited
”
.
7
In regulation 1(3) of the Stakeholder Pension Schemes Regulations (Northern Ireland) 2000 F29 (interpretation)—
a
omit the definition of “the Board for Actuarial Standards”F30;
b
in the definition of “relevant guidance”F31 for “the Board for Actuarial Standards” substitute “
the Financial Reporting Council Limited
”
.
8
In paragraph 8 of the Schedule to the Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 F32 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “
the Financial Reporting Council Limited
”
.
9
In paragraph 8 of the Schedule to the Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005 F33 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “
the Financial Reporting Council Limited
”
.
10
In the Occupational Pension Schemes (Employer Debt) Regulations (Northern Ireland) 2005 F34—
a
in regulation 2 (interpretation)—
i
in paragraph (1) omit the definition of “the Board for Actuarial Standards”F35;
ii
for paragraph (3) F36 substitute—
3
In these Regulations references to FRC standards are to actuarial standards on winding up and scheme asset deficiency adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited.
b
in regulation 5(17) F37 (calculation of the amount of scheme liabilities and value of scheme assets) for “BAS standards” substitute “
FRC standards
”
;
c
in regulation 6(8) F38 (multi-employer schemes: general) for “BAS standards” substitute “
FRC standards
”
;
d
in—
i
paragraph 3 of the certificate set out in Schedule 1 F39 (actuary's certificate of total difference between scheme assets and liabilities and liability share debt of employer in a multi-employer scheme), and
ii
paragraph 2 of the certificate set out in Schedule 1D F40 (actuary's certificate for amount B under a withdrawal arrangement or an approved withdrawal arrangement in a multi-employer scheme),
for “BAS standards” substitute “
FRC standards
”
.
11
In the Occupational Pension Schemes (Scheme Funding) Regulations (Northern Ireland) 2005 F41—
a
in regulation 2(1) (interpretation) omit the definition of “the Board for Actuarial Standards”F42;
b
in regulation 15 F43 (guidance relating to actuarial advice) for “the Board for Actuarial Standards” substitute “
the Financial Reporting Council Limited
”
.
12
In the Occupational Pension Schemes (Modification of Schemes) Regulations (Northern Ireland) 2006 F44—
a
in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”F45;
b
in regulation 5(2)(b) F46 (calculation of the actuarial value of affected member's subsisting rights)—
i
for “guidance that is” substitute “
actuarial standards that are
”
;
ii
for “the Board for Actuarial Standards” substitute “
the Financial Reporting Council Limited
”
.
13
In paragraph 8 of Part 2 of the Schedule to the Pension Protection Fund (Closed Schemes) Regulations (Northern Ireland) 2007
F47 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “
the Financial Reporting Council Limited
”
.
1993 c. 49; section 8A was inserted by Article 133(5) of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) and subsection (5) was amended by paragraph 3 of Schedule 5 to the Pensions Act (Northern Ireland) 2008 (c. 1 (N.I.)); section 109(1) was amended by section 48(1) of the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4 (N.I.)) and section 109(3A) was inserted by section 48(2) of that Act and amended by paragraph 4 of Schedule 5 to the Pensions Act (Northern Ireland) 2008