The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Amendment Regulations 2004

• Citation: S.I. 2004/3031
• Sections: 3

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Amendment Regulations 2004 and shall come into force on 21st December 2004.

(2) In these Regulations “the Minimum Funding Requirement Regulations ” means the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996 .

Section 2 Amendment of regulation 2 of the Minimum Funding Requirement Regulations

In regulation 2(1) of the Minimum Funding Requirement Regulations (interpretation) for the definition of “transitional period” substitute—

“transitional period” means the period beginning on the commencement date and ending on—

for the purposes of regulation 6(2) (excluded assets), 31st December 2004; and

for all other purposes, 5th April 2006.

Section 3 Amendment of Schedule 1 to the Minimum Funding Requirement Regulations

In Part I of Schedule 1 to the Minimum Funding Requirement Regulations (minimum funding valuation statements – the actuary’s statement) for paragraph 6 substitute—

(6) References to section 73(3) in paragraph 5 above and in paragraph 2 of the actuary’s statement as set out in Part II are references to that section as modified—

(a) where that section has effect in relation to the scheme on the effective date; or

(b) where sub-paragraph (a) does not apply in relation to a scheme, as if that scheme had commenced winding up on the effective date,

and the actuary may modify the description of liabilities in paragraph 2 of that statement accordingly.