Citation, commencement and interpretation

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(6) shall apply to these Regulations as it applies to an Act of the Assembly.

Amendment of Regulations

2.  The Schedule shall have effect.

Revocations

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(7);

(b)regulation 4(3) of the Occupational Pension Schemes (Employer Debt and Miscellaneous Amendments) Regulations (Northern Ireland) 2008(8);

(c)regulation 3(2) of the Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2010(9).

Regulation 2

SCHEDULEAmendment of Regulations

1.  In regulation 1(2) of the Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1987(10) (interpretation)—

(a)omit the definition of “the Board for Actuarial Standards”(11);

(b)in the definition of “relevant guidance”(12) for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited(13)”.

2.  In the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland)1996(14)—

(a)in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”(15);

(b)in regulation 23(a)(16) (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(17)—

(a)in regulation 2 (interpretation)—

(i)in paragraph (2) omit the definition of “the Board for Actuarial Standards”(18);

(ii)in paragraph (5)(19) for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”;

(b)in paragraph 2 of the certificate set out in Schedule 1(20) (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(21)—

(a)in regulation 1 (interpretation)—

(i)in paragraph (3) omit the definition of “the Board for Actuarial Standards”(22);

(ii)for paragraph (5)(23) 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)(24) (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(25) (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(26) (interpretation)—

(a)omit the definition of “the Board for Actuarial Standards”(27);

(b)in the definition of “relevant guidance”(28) 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(29) (interpretation)—

(a)omit the definition of “the Board for Actuarial Standards”(30);

(b)in the definition of “relevant guidance”(31) 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(32) (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(33) (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(34)—

(a)in regulation 2 (interpretation)—

(i)in paragraph (1) omit the definition of “the Board for Actuarial Standards”(35);

(ii)for paragraph (3)(36) 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)(37) (calculation of the amount of scheme liabilities and value of scheme assets) for “BAS standards” substitute “FRC standards”;

(c)in regulation 6(8)(38) (multi-employer schemes: general) for “BAS standards” substitute “FRC standards”;

(d)in—

(i)paragraph 3 of the certificate set out in Schedule 1(39) (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(40) (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(41)—

(a)in regulation 2(1) (interpretation) omit the definition of “the Board for Actuarial Standards”(42);

(b)in regulation 15(43) (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(44)—

(a)in regulation 1(2) (interpretation) omit the definition of “the Board for Actuarial Standards”(45);

(b)in regulation 5(2)(b)(46) (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(47) (contents of accounts audited by the Auditor of the scheme) for “the Accounting Standards Board” substitute “the Financial Reporting Council Limited”.

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations update references in a number of occupational and personal pension schemes and Pension Protection Fund regulations in consequence of the dissolution of the Board for Actuarial Standards and the Accounting Standards Board (former operating bodies of the Financial Reporting Council). The Financial Reporting Council is now directly responsible for issuing “actuarial standards” and is the designated body responsible for issuing “accounting standards”.

The Regulations also make consequential revocations.

As these Regulations, in so far as they are made under the Pensions (Northern Ireland) Order 1995 (“the 1995 Order”) and the Pensions (Northern Ireland) Order 2005 (“the 2005 Order”), either—

• make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Work and Pensions in relation to Great Britain, or

• are made within 6 months of the coming into operation of the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012,

the requirement to consult under Article 117(1) of the 1995 Order and Article 289(1) of the 2005 Order does not apply by virtue of paragraph (2)(d) and (e) of each of those Articles.