The Pensions (Institute and Faculty of Actuaries and Consultation by Employers – Amendment) Regulations 2012

• Citation: S.I. 2012/692
• Sections: 17

Section 1 Citation and commencement

(1) These Regulations may be cited as the Pensions (Institute and Faculty of Actuaries and Consultation by Employers – Amendment) Regulations 2012.

(2) They come into force on 6th April 2012.

Section 2 Amendments to the consultation by employer requirements

(1) The Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 are amended as follows.

(2) For regulation 6(4) (consultation not required before decisions to make listed changes affecting schemes), substitute—

(4) The first case is where the active or prospective members of the scheme to whom—

(a) a listed change mentioned in regulation 8(1)(h) relates were notified before 6th April 2012 of the proposal to make that change, or

(b) any other listed change relates were notified before 6th April 2006 of the proposal to make that change.

(3) In regulation 8(1) (listed changes for occupational pension schemes), after sub-paragraph (g) insert—

(h) to change the rate at which—

(i) pensions in payment under the scheme are increased, or

(ii) pensions or other benefits payable under the scheme are revalued,

but only where that change would be, or would be likely to be, less generous to members or members of a particular description.

Section 3 Amendments to refer to the Institute and Faculty of Actuaries

In regulation 12(5)(b) of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 (transfer of member’s accrued rights without consent) , for “Institute of Actuaries, a Fellow of the Faculty of Actuaries,” substitute “Institute and Faculty of Actuaries ”.

Section 4 Amendments to refer to the Institute and Faculty of Actuaries

In regulation 4(1)(b) of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (qualifications and experience or approval required for appointment as the auditor or actuary) , for paragraphs (i) and (ii) substitute—

(i) Fellowship of the Institute and Faculty of Actuaries; or

Section 5 Amendments to refer to the Institute and Faculty of Actuaries

In the definition of “actuary” in regulation 1(2) of the Occupational Pension Schemes (Transfer Values) Regulations 1996 (interpretation) , for sub-paragraphs (i) and (ii) of paragraph (b) substitute—

(i) a Fellow of the Institute and Faculty of Actuaries; or

Section 6 Amendments to refer to the Institute and Faculty of Actuaries

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

(a) regulation 2(6) (interpretation), and

(b) paragraph 2 of the certificate in Schedule 1 (form of actuary’s certificate),

for “prepared and published by the Institute of Actuaries and the Faculty of Actuaries” substitute “published by the Institute and Faculty of Actuaries”.

Section 7 Amendments to refer to the Institute and Faculty of Actuaries

In regulation 1(2) of the Occupational Pension Schemes (Discharge of Liability) Regulations 1997 (interpretation) , omit the definition of “actuary”.

Section 8 Amendments to refer to the Institute and Faculty of Actuaries

In regulation 4 of the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations 1998 (market level indicator) , for “Faculty of Actuaries and Institute of Actuaries” in both places it occurs substitute “Institute and Faculty of Actuaries”.

Section 9 Amendments to refer to the Institute and Faculty of Actuaries

In regulation 4 of the Occupational Pension Schemes (Contracting-out) (Amount Required for Restoring State Scheme Rights and Miscellaneous Amendment) Regulations (Northern Ireland) 1998 (market level indicator) , for “Faculty of Actuaries and Institute of Actuaries” in both places it occurs substitute “Institute and Faculty of Actuaries”.

Section 10 Amendments to refer to the Institute and Faculty of Actuaries

In regulation 10(8) of the Pension Sharing (Pension Credit Benefit) Regulations 2000 (transfer of a person’s pension credit rights without consent) , for “Institute of Actuaries, a Fellow of the Faculty of Actuaries,” substitute “Institute and Faculty of Actuaries”.

Section 11 Amendments to refer to the Institute and Faculty of Actuaries

In regulation 10 of the Pension Protection Fund (Valuation) Regulations 2005 (prescribed qualifications for the purposes of section 143 and section 179 of the Act) , for “the prescribed qualifications is—” to the end of the regulation substitute “the prescribed qualifications is a Fellow of the Institute and Faculty of Actuaries.”.

Section 12 Amendments to refer to the Institute and Faculty of Actuaries

In regulation 2 of the Pensions Regulator (Freezing Orders and Consequential Amendments) Regulations 2005 (meaning of “the actuary”) —

(a) for “qualifications” substitute “qualification”, and

(b) for “are—” to the end of the regulation substitute “is Fellowship of the Institute and Faculty of Actuaries.”.

Section 13 Amendments to refer to the Institute and Faculty of Actuaries

In the definition of “actuary” in regulation 1(2) of the Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations 2006 (interpretation) , for sub-paragraphs (i) and (ii) of paragraph (b) substitute—

(i) a Fellow of the Institute and Faculty of Actuaries; or

Section 14 Amendments to refer to the Institute and Faculty of Actuaries

In regulation 6 of the Pension Protection Fund (Valuation of the Assets and Liabilities of the Pension Protection Fund) Regulations 2006 (the appointed actuary) , for “prescribed qualifications to act as the appointed actuary are—” to the end of the regulation substitute “prescribed qualification to act as the appointed actuary is Fellowship of the Institute and Faculty of Actuaries.”.

Section 15 Amendments to refer to the Institute and Faculty of Actuaries

In regulation 4 of the Occupational Pension Schemes (Modification of Schemes) Regulations 2006 (qualifications or experience required for a person providing an actuarial equivalence statement) , for “or experience is a—” to the end of the regulation substitute “or experience is a Fellow of the Institute and Faculty of Actuaries.”.

Section 16 Amendments to refer to the Institute and Faculty of Actuaries

In regulation 6(b) of the Occupational Pension Schemes (Payments to Employer) Regulations 2006 (prescribed persons for the purposes of section 37(3)(a) of the 1995 Act) , for “of that section—” to the end of the paragraph substitute “of that section, a Fellow of the Institute and Faculty of Actuaries.”.

Section 17 Amendments to refer to the Institute and Faculty of Actuaries

In regulation 5 of the Pension Protection Fund (Closed Schemes) Regulations 2007 (prescribed qualifications for the purposes of section 156) , for “prescribed qualifications is—” to the end of the regulation substitute “prescribed qualifications is a Fellow of the Institute and Faculty of Actuaries.”.