Statutory Instrument 1996 No. 1536

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

      © Crown Copyright 1996

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STATUTORY INSTRUMENTS

1996 No. 1536

PENSIONS

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

Made 12th June 1996
Laid before Parliament 18th June 1996
Coming into force 6th April 1997


ARRANGEMENT OF REGULATIONS

Preliminary
1.  Citation and commencement.
2.  Interpretation.
Valuation of assets and liabilities
3.  Determination, valuation and verification of assets and liabilities: general.
4.  Determination and valuation of assets.
5.  Rights under insurance contracts.
6.  Excluded assets.
7.  Determination and valuation of liabilities.
8.  Further provisions as to valuation: methodology, assumptions, etc.
9.  Valuations by reference to future dates and periods.
Minimum funding valuations
10.  Time limits for minimum funding valuations.
11.  Duty to obtain minimum funding valuations following events with significant effects on funding.
12.  Duty to obtain minimum funding valuations where new serious underfunding suspected.
13.  Duty to obtain minimum funding valuations: s.75 debts in multi-employer schemes.
14.  Minimum funding valuation statements.
Schedules of contributions and certification
15.  Time limits for preparing and revising schedules of contributions.
16.  Periods covered by schedules of contributions.
17.  Content and certification of schedules of contributions.
18.  Occasional and periodic certification of adequacy of contributions.
19.  Records.
Inadequate contributions
20.  Minimum funding valuations showing serious underprovision.
21.  Failure reports.
22.  Methods of securing shortfall in cases of serious underprovision.
23.  Failure to pay contributions due under schedule of contributions.
24.  Modification of shared cost schemes.
Authority’s powers to extend periods for making payments
25.  Extension of contribution period.
26.  Extension of period for meeting serious shortfalls.
27.  General extensions in exceptional circumstances.
Exemptions
28.  Exemptions.
Modifications for special cases
29.  Modifications.
Ongoing actuarial valuations
30.  Ongoing actuarial valuations and statements.

SCHEDULES

  1.  Minimum funding valuation statements.

  2.  Certification of schedules of contributions.

  3.  Periodical certification of contributions.

  4.  Methods of securing shortfall in cases of serious underprovision.

  5.  Modifications.

  6.  Form of actuary’s statement: ongoing valuations.

 

Explanatory Note


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Prepared 20th September 2000