The Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations 2012

• Citation: S.I. 2012/1817
• Sections: 11

Section 1 Citation and commencement

These Regulations may be cited as the Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations 2012 and shall come into force on 9th August 2012.

Section 2 Amendment of regulations

The Schedule has effect.

Section 1

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

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

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

Section 2

In the Occupational Pension Schemes (Contracting-out) Regulations 1996 —

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

(b) in regulation 23(a) (requirements for meeting the statutory standard), for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.

Section 3

In the Occupational Pension Schemes (Winding Up) Regulations 1996 —

(a) in regulation 1 (interpretation)—

(i) in paragraph (4) , omit the definition of “the Board for Actuarial Standards”; and

(ii) for paragraph (5) substitute—

(5) References in these Regulations 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 section 73 applies.

(b) in regulation 4(1)(d) (calculation of the value or amount of scheme assets and liabilities), for “BAS standards” substitute “FRC standards”.

Section 4

In the Occupational Pension Schemes (Deficiency on Winding Up etc. ) Regulations 1996 —

(a) in regulation 2 (interpretation)—

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

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

(b) in Schedule 1 (form of actuary’s certificate), for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.

Section 5

In regulation 1(2) of the Occupational Pension Schemes (Disclosure of Information) Regulations 1996 (interpretation) —

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

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

Section 6

In regulation 1(3) of the Stakeholder Pension Schemes Regulations 2000 (interpretation) —

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

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

Section 7

In the Occupational Pension Schemes (Employer Debt) Regulations 2005 —

(a) in regulation 2 (interpretation)—

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

(ii) for paragraph (3) substitute—

(3) References in these Regulations 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) (calculation of the amount of scheme liabilities and value of scheme assets), for “BAS standards” substitute “FRC standards”;

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

(d) in Schedules 1 (actuary’s certificate of total difference between scheme assets and liabilities and liability share debt of employer in a multi-employer scheme) and 1D (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”.

Section 8

In the Occupational Pension Schemes (Scheme Funding) Regulations 2005 —

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

(b) in regulation 15 (guidance relating to actuarial advice), for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.

Section 9

In the Occupational Pension Schemes (Modification of Schemes) Regulations 2006 —

(a) in regulation 1(3) (interpretation), omit the definition of “the Board for Actuarial Standards”; and

(b) in regulation 5(2)(b) (calculation of the actuarial value of affected member’s subsisting rights), for “guidance that is” substitute “actuarial standards that are” and for “the Board for Actuarial Standards” substitute “the Financial Reporting Council Limited”.