The Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights) Amendment Regulations 1999

• Citation: S.I. 1999/3069
• Sections: 2

Section 1 Citation and commencement

(1) These Regulations may be cited as the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights) Amendment Regulations 1999, and shall come into force on 10th December 1999.

(2) In these Regulations, “the principal Regulations ” means the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998 and the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998 .

Section 2 Amendment of the principal Regulations

(1) In regulation 4 of the principal Regulations (market level indicator)—

(a) in paragraph (a) for the words from “applicable” to the end of the paragraph there shall be substituted the words—

applicable—

(i) where the effective date fell before 1st June 1999, to 15-year British Government Stocks with medium coupons, and

(ii) where the effective date falls on or after that date, to 15-year British Government Stocks;

(b) in paragraph (b) for the words from “where x per cent.” to the end of the paragraph there shall be substituted the words—

where—

(i) the effective date fell before 6th April 1999, x per cent. is the net dividend yield, and

(ii) if the effective date falls on or after that date, x per cent. is the actual dividend yield,

applicable on the effective date to the All Share Index compiled by the Financial Times and the Faculty of Actuaries and Institute of Actuaries;

(2) In Schedule 2 to the principal Regulations (Table for deriving the index number from 15-year gross redemption yield) before the first entry in the Table there shall be inserted the following entries:—