S.I. No. 329/2001 - Occupational Pension Schemes (Schemes With External Members) (United Kingdom) (Amendment) Regulations, 2001

2. In these Regulations -

“qualifying Irish scheme” has the meaning assigned to it by article 2 of the Occupational Pension Schemes (Schemes with External Members) (United Kingdom) Regulations, 2000.

Article 5 Application of Part IV of the Act

3. The Occupational Pension Schemes (Schemes with External Members) (United Kingdom) Regulations, 2000 are hereby amended —

(a) in article 5 by

(i) the deletion in sub-article (a)(ii) of the word “and”,

(ii) the substitution in sub-article (b) of “other benefits, and” for “other benefits.”, and

(iii) the insertion after sub-article (b) of the following sub-article,

“(c) notwithstanding article 4(1) of the Funding Standard Regulations, for the purposes of section 42 of the Act and in respect of any effective date occurring on or after 31 December 2000:-

(i) an actuarial funding certificate in respect of a qualifying Irish scheme shall, if it is the first actuarial funding certificate and if the scheme came into operation prior to the 1st day of January 1991, be in the form set out in Schedule A to these Regulations, or in a form substantially to the like effect, and

(ii) an actuarial funding certificate in respect of a qualifying Irish scheme shall, in every other case, be in the form set out in Schedule B to these Regulations, or in a form substantially to the like effect”, and

(b) by the insertion of the following Schedules after article 7

“SCHEDULE A

FIRST ACTUARIAL FUNDING CERTIFICATE FOR A QUALIFYING IRISH SCHEME

THIS CERTIFICATE HAS BEEN PREPARED UNDER THE PROVISIONS OF

SECTION 42

OF THE

PENSIONS ACT 1990

(“the ACT”) FOR SUBMISSION TO THE PENSIONS BOARD BY THE TRUSTEES OF THE SCHEME.

SCHEME NAME

____________________________________________________________________________________________________

SCHEME COMMENCEMENT DATE

___________________________________________________________________________________

PENSIONS BOARD REFERENCE NO

___________________________________________________________________________________

EFFECTIVE DATE OF THIS CERTIFICATE

_____________________________________________________________________________

On the basis of information supplied to me and having regard to the rules of the scheme and its governing law and to such financial and other assumptions as I consider to be appropriate:-

(1) I hereby state the certified percentage(s) for the above scheme for the purposes of the Occupational Pension Schemes (Schemes with External Members) (United Kingdom) Regulations, 2000, (the External Members (UK) Regulations):-

Category of Membership

Certified Percentage

_______________________________

________________________

_______________________________

________________________

_______________________________

________________________

(2) I am of the opinion that the resources of the scheme at the effective date of this certificate

*

would/*

would not

have been sufficient if the scheme had been wound up at that date to provide for:-

(a) the liabilities of the scheme determined in accordance with article 5(a)(i) of the External Members (UK) Regulations,

and

(b) the estimated expenses of administering the winding up of the scheme.

I therefore certify that as at the effective date of this certificate the scheme

*

satisfies/*

does not satisfy

the funding standard provided for in article 5(a) of the External Members (UK) Regulations.

Signature

_________________________________

Date

_______________________________

Name

____________________________________

Qualification

_________________________

Name of Actuary's Employer/Firm

_____________________________________________________________________

SCHEDULE B

ACTUARIAL FUNDING CERTIFICATE FOR A QUALIFYING IRISH SCHEME

THIS CERTIFICATE HAS BEEN PREPARED UNDER THE PROVISIONS OF

SECTION 42

OF THE

PENSIONS ACT, 1990

(“the ACT”) FOR SUBMISSION TO THE PENSIONS BOARD BY THE TRUSTEES OF THE SCHEME.

SCHEME NAME

____________________________________________________________________________________________________

SCHEME COMMENCEMENT DATE

___________________________________________________________________________________

PENSIONS BOARD REFERENCE NO

___________________________________________________________________________________

EFFECTIVE DATE OF

THIS CERTIFICATE

________________________________________________________________________________________

PREVIOUS CERTIFICATE

___________________________________________________________________________________

On the basis of information supplied to me and having regard to the rules of the scheme and its governing law and to such financial and other assumptions as I consider to be appropriate I am of the opinion that the resources of the scheme at the effective date of this certificate

*

would/*

would not

have been sufficient if the scheme had been wound up at that date to provide for:-

(a) the liabilities of the scheme determined in accordance with article 5(a)(i) of the Occupational Pension Schemes (Schemes with External Members) (United Kingdom) Regulations, 2000 (the External Members (UK) Regulations),

and

(b) the estimated expenses of administering the winding up of the scheme.

I therefore certify that as at the effective date of this certificate the scheme

*

satisfies/*

does not satisfy

the funding standard provided for in article 5(a) of the External Members (UK) Regulations.

Signature

_________________________________

Date

_______________________________

Name

____________________________________

Qualification

_________________________

Name of Actuary's Employer/Firm

_____________________________________________________________________

”.

GIVEN

under the Official Seal of the Minister for Social, Community and Family Affairs this 18th day of July 2001.

DERMOT AHERN

Minister for Social, Community and Family Affairs.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations provide for the amendment of article 5 of S.I. 470/2000 by requiring that Actuarial Funding Certificates (AFCs) to be submitted in respect of “qualifying Irish schemes” be in the form set out in the Schedules to those Regulations (as inserted).

* Delete whichever is not applicable.

* Delete whichever is not applicable.

* Delete whichever is not applicable.

* Delete whichever is not applicable.

* Delete whichever is not applicable.

* Delete whichever is not applicable.

* Delete whichever is not applicable.

* Delete whichever is not applicable.

The Minister for Social, Community and Family Affairs, in exercise of the powers conferred on him by section 5 and section 5A of the

Pensions Act, 1990

(S.I. No. 25 of 1990) hereby makes the following Regulations:-

Citation and Construction

1.(1) These Regulations may be cited as the Occupational Pension Schemes (Schemes with External Members) (United Kingdom) (Amendment) Regulations, 2001.

(2) These Regulations and the Occupational Pension Schemes (Schemes with External Members) (United Kingdom) Regulations, 2000 (

S.I. No. 470 of 2000

) shall be construed together as one and may be cited as the Occupational Pension Schemes (Schemes with External Members) (United Kingdom) Regulations 2000 to 2001.

Definitions