Citation, commencement and interpretationN.I.

1.—(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 M6 shall apply to these Regulations as it applies to an Act of the Assembly.

Amendment of RegulationsN.I.

2.  The Schedule shall have effect.

RevocationsN.I.

3.  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 M7;

(b)regulation 4(3) of the Occupational Pension Schemes (Employer Debt and Miscellaneous Amendments) Regulations (Northern Ireland) 2008 M8;

(c)regulation 3(2) of the Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2010 M9.

Regulation 2

SCHEDULEN.I.Amendment of Regulations

F11.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.

2.  In the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland)1996 M10—N.I.

(a)in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”M11;

(b)in regulation 23(a) M12 (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 M13—N.I.

(a)in regulation 2 (interpretation)—

(i)in paragraph (2) omit the definition of “the Board for Actuarial Standards”M14;

(ii)in paragraph (5) M15 for “the Board for Actuarial Standards” substitute “ the Financial Reporting Council Limited ”;

(b)in paragraph 2 of the certificate set out in Schedule 1 M16 (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 M17—N.I.

(a)in regulation 1 (interpretation)—

(i)in paragraph (3) omit the definition of “the Board for Actuarial Standards”M18;

(ii)for paragraph (5) M19 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) M20 (calculation of the value or amount of scheme assets and liabilities) for “BAS standards” substitute “ FRC standards ”.

F25.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.

F36.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.

F37.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.

8.  In paragraph 8 of the Schedule to the Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 M21 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “ the Financial Reporting Council Limited ”.N.I.

9.  In paragraph 8 of the Schedule to the Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005 M22 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “ the Financial Reporting Council Limited ”.N.I.

10.  In the Occupational Pension Schemes (Employer Debt) Regulations (Northern Ireland) 2005 M23—N.I.

(a)in regulation 2 (interpretation)—

(i)in paragraph (1) omit the definition of “the Board for Actuarial Standards”M24;

(ii)for paragraph (3) M25 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) M26 (calculation of the amount of scheme liabilities and value of scheme assets) for “BAS standards” substitute “ FRC standards ”;

(c)in regulation 6(8) M27 (multi-employer schemes: general) for “BAS standards” substitute “ FRC standards ”;

(d)in—

(i)paragraph 3 of the certificate set out in Schedule 1 M28 (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 M29 (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 M30—N.I.

(a)in regulation 2(1) (interpretation) omit the definition of “the Board for Actuarial Standards”M31;

(b)in regulation 15 M32 (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 M33—N.I.

(a)in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”M34;

(b)in regulation 5(2)(b) M35 (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 M36 (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “ the Financial Reporting Council Limited ”.N.I.

Explanatory Note

(This note is not part of the Regulations)