The Occupational Pension Schemes (Scheme Funding) Regulations 2005

Section 227 of the 2004 Act (schedule of contributions) applies to the scheme as if it included a requirement for the trustees or managers of the scheme to prepare a schedule of contributions (“the first schedule of contributions under the 2004 Act”) within the same period as that within which they are required by paragraph 4 to ensure that they receive the first valuation under the 2004 Act.

6

In the circumstances described in paragraph 4(b), (c), and (d), regulation 6(2) of these Regulations (first statement of funding principles) applies to the scheme, and regulations 8(1)(a) and 13 apply in relation to the first valuation under the 2004 Act, as if the period there referred to were the same period as that within which the trustees or managers are required by paragraph 4 to ensure that they receive the first valuation under the 2004 Act.

7

References in sections 224 to 231 of the 2004 Act to actuarial valuations or schedules of contributions shall be taken to exclude any such valuation or schedule of contributions under the 1995 Act as in force before the commencement date or as continued in force by paragraphs 9 to 16 of this Schedule.

PART 2 — Savings

8

Paragraphs 9 to 19 of this Schedule apply to a scheme which—

• (a) is subject to section 56 of the 1995 Act immediately before the commencement date, and

• (b) becomes subject to Part 3 of the 2004 Act on that date.

9

Sections 56 and 58 to 60 of the 1995 Act, regulations 15 to 17 and 19 to 27 of the 1996 Regulations and Schedules 2 and 4 to those Regulations continue to apply to the scheme from the commencement date until the date on which the first schedule of contributions under the 2004 Act comes into force.

10

Where—

• (a) immediately before the commencement date, the trustees or managers of the scheme were required under section 57(1)(a) of the 1995 Act and regulation 10 of the 1996 Regulations (time limits for minimum funding valuations) to obtain an actuarial valuation within a period ending on or after the commencement date, and

• (b) they have determined before that date, or determine subsequently, that the valuation should be obtained by reference to an effective date before 22nd September 2005,

those provisions apply to the scheme on and after the commencement date in respect of that valuation.

11

Where—

• (a) immediately before the commencement date, the trustees or managers of the scheme were required under section 57(2)(a) of the 1995 Act to obtain an actuarial valuation within the period specified in section 57(4)(a) of that Act, and

• (b) they have determined before that date, or determine subsequently, that the valuation should be obtained by reference to an effective date before 22nd September 2005,

those provisions apply to the scheme on and after the commencement date in respect of that valuation.

12

Where—

• (a) immediately before the commencement date, the trustees or managers of the scheme were required under section 57(2)(b) of the 1995 Act to obtain an actuarial valuation by virtue of the occurrence of an event of the kind described in regulation 13 of the 1996 Regulations, and

• (b) they have determined before that date, or determine subsequently, that the valuation should be obtained by reference to an effective date before 22nd September 2005,

those provisions apply to the scheme on and after the commencement date in respect of that valuation, subject to the modification that the valuation must be obtained within the period of six months beginning with the date on which the relevant event occurred.

13

Where—

• (a) immediately before the commencement date, the trustees or managers of the scheme were required under section 41(1)(a) and (2)(c) of the 1995 Act and regulation 30 of the 1996 Regulations (ongoing actuarial valuations and statements) to obtain an actuarial valuation within a period ending on or after the commencement date, and an accompanying statement in the form set out in Schedule 6 to those Regulations, and

• (b) they have determined before that date, or determine subsequently, that the valuation should be obtained by reference to an effective date before 22nd September 2005,

those provisions apply to the scheme on and after the commencement date in respect of that valuation and statement.

14

Where a requirement to obtain a valuation is preserved by any of paragraphs 10 to 13 of this Schedule, section 57(5) to (7) of the 1995 Act, regulations 3 to 9 of the 1996 Regulations and (except in the case to which paragraph 13 applies) regulation 14 of and Schedule 1 to those Regulations apply in respect of that valuation.

15

Where, immediately before the commencement date, the trustees or managers of the scheme were required under section 57(1)(b) of the 1995 Act and regulation 18 of the 1996 Regulations (occasional and periodic certification of adequacy of contributions) to obtain annual certificates as to the adequacy of contributions payable towards the scheme, those provisions, sections 57(5) to (7) of that Act and Schedule 3 to the 1996 Regulations apply to the scheme until the effective date of the first valuation under the 2004 Act relating to the scheme.

16

Section 61 of the 1995 Act (supplementary), regulation 2 of the 1996 Regulations (interpretation) and regulation 29 of, and Schedule 5 to, those Regulations (modifications) apply, so far as material, on and after the commencement date in relation to the provisions of the Act and Regulations saved by paragraphs 9 to 15 of this Schedule.

17

Where any provision of the 1995 Act or the 1996 Regulations applies to the scheme on or after the commencement date by virtue of this Schedule, any reference to that provision in the Occupational Pension Schemes (Contracting-out) Regulations 1996 (“the Contracting-out Regulations”) applies in relation to the scheme on and after the commencement date as if—

• (a) in the case of a provision of the 1995 Act, the repeal of that provision by the 2004 Act had not come into force on that date in accordance with the Pensions Act 2004 (Commencement No. 8) Order 2005 (“the Commencement Order”);

• (b) in the case of a provision in the 1996 Regulations, those Regulations had not been revoked by regulation 21, and

• (c) the amendments of the Contracting-out Regulations in paragraph 1 of Schedule 3 to these Regulations had not come into force.

18

Where any provision of the 1995 Act or the 1996 Regulations applies to the scheme on or after the commencement date by virtue of this Schedule, regulation 4(2) of the Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996 shall be taken to include a reference to that provision notwithstanding its repeal by the 2004 Act in accordance with the Commencement Order or the revocation of the 1996 Regulations by regulation 21.

19

Any reference to the 1995 Act or the 1996 Regulations in—

• (a) the Occupational Pension Schemes (Winding Up) Regulations 1996 ;

• (b) the Occupational Pension Schemes (Deficiency on Winding Up etc.) Regulations 1996 , or

• (c) the Occupational Pension Schemes (Employer Debt) Regulations 2005 ,

applies to the scheme on and after the commencement date as if, where the reference is to a provision of the Act, the repeal of that provision by the 2004 Act had not come into force on that date in accordance with the Commencement Order, and, where the reference is to a provision in the 1996 Regulations, those Regulations had not been revoked by regulation 21.

SCHEDULE 5 — REVOCATIONS

(1)	(2)	(3)
Regulations revoked	References	Extent of revocation
The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996	S.I. 1996/1536	The whole Regulations
The Occupational Pension Schemes (Investment) Regulations 1996	S.I. 1996/3127	Regulation 12
The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997	S.I. 1997/786	Paragraph 8 of Schedule 1 and the entry relating to SI 1996/1536 in Schedule 2
The Personal and Occupational Pension Schemes (Miscellaneous Amendments) (No. 2) Regulations 1997	S.I. 1997/3038	Regulation 4
The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1999	S.I. 1999/3198	Regulation 8
The Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2000	SI 2000/679	Regulation 3
The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations 2000	S.I. 2000/2691	Regulation 4
The Occupational Pension Schemes (Minimum Funding Requirement and Miscellaneous Amendments) Regulations 2002	S.I. 2002/380	Regulation 2
The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Amendment Regulations 2004	S.I. 2004/3031	The whole Regulations
The Occupational Pension Schemes (Employer Debt) Regulations 2005	S.I. 2005/678	Paragraph 1 of Schedule 2
The Occupational Pension Schemes (Winding up etc.) Regulations 2005	S.I. 2005/706	Paragraph 9 of the Schedule
The Occupational Pension Schemes (Employer Debt etc.) (Amendment) Regulations 2005	SI 2005/2224	Regulation 6

Signed

Signed by authority of the Secretary of State for Work and Pensions.

Stephen C. Timms — Minister of State, — Department for Work and Pensions — 2005-12-08

Explanatory note

(This note is not part of the Regulations)

Footnotes

Multi-employer schemes

Frozen or paid-up schemes

Employers in periods of grace

Schemes undertaking cross-border activities

Schemes with a partial guarantee by a public authority

Schemes relating to certain defence contractors

Schemes under which the rates of contributions are determined by the trustees or managers or by the actuary

Schemes which are not required to appoint an actuary

Schemes with fewer than 100 members

Schemes subject to a change of circumstances affecting the certification of the schedule of contributions

Occupational Pension Schemes (Contracting-out) Regulations 1996

Occupational Pension Schemes (Disclosure of Information) Regulations 1996

Occupational Pension Schemes (Scheme Administration) Regulations 1996

Occupational Pension Schemes (Transfer Values) Regulations 1996

Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996

Occupational Pension Schemes (Winding Up) Regulations 1996

Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996

Pension Sharing (Valuation) Regulations 2000

Pension Sharing (Implementation and Discharge of Liability) Regulations 2000

Pension Sharing (Pension Credit Benefit) Regulations 2000

Stakeholder Pension Schemes Regulations 2000

Occupational Pension Schemes (Republic of Ireland Schemes Exemption) Regulations 2000

Occupational Pension Schemes (Administration and Audited Accounts) (Amendment) Regulations 2005

Editorial notes

3A

• (1) This paragraph applies where an employer is treated under regulation 6A(1) of the Occupational Pension Schemes (Employer Debt) Regulations 2005 (employment-cessation events: periods of grace) as if it employed at least one person who is an active member of a scheme.

• (2) Where this paragraph applies, Part 3 of the 2004 Act (scheme funding) and these Regulations are modified so that references to “employer” include a reference to the employer referred to in sub-paragraph (1).

• (3) This paragraph ceases to apply where the period of grace referred to in regulation 6A of the Occupational Pension Schemes (Employer Debt) Regulations 2005 in respect of the employer comes to an end in accordance with that regulation.

Period of grace followed by a deferred debt arrangement

3B

• (1) This paragraph applies where an employer is treated under regulation 6A(1) of the Occupational Pension Schemes (Employer Debt) Regulations 2005 (employment-cessation events: periods of grace) as if it employed at least one person who is an active member of a scheme.

Employers in deferred debt arrangements

3C

• (1) This paragraph applies where a deferred employer is treated under regulation 6F(4) of the Occupational Pension Schemes (Employer Debt) Regulations 2005 (deferred debt arrangement) as if it employed at least one person who is an active member of a scheme.

• (2) Where this paragraph applies, Part 3 of the 2004 Act and these Regulations are modified so that references to “employer” include a reference to a deferred employer.

• (3) This paragraph ceases to apply where the deferred debt arrangement referred to in regulation 6F of the Occupational Pension Schemes (Employer Debt) Regulations 2005 in respect of the deferred employer comes to an end in accordance with that regulation.

Employers in deferred debt arrangements

3D

For the purposes of paragraphs 3B and 3C—

• “deferred debt arrangement” and “deferred employer” have the meanings given in regulation 2(1) (interpretation) of the Occupational Pension Schemes (Employer Debt) Regulations 2005.

Schemes covering United Kingdom and foreign employment