Schedule 5 - Removal of Department's role in approving actuarial guidance
This Schedule amends provisions which require actuarial guidance to have been approved by the Department.
Paragraphs 1 and 2 amend Articles 315C and 315F of the Insolvency (Northern Ireland) Order 1989 (NI 19) respectively to remove the requirement that guidance prepared by a prescribed person to calculate certain values relating to a pension scheme is to have been approved by the Department.
Paragraphs 3 and 4 amend the Pension Schemes Act. Section 8A is amended to remove the requirement for the Department’s approval in the case of prescribed guidance to determine whether a pension scheme which has applied to contract out under section 5(2B) meets the statutory standard, and section 109 is amended to remove the requirement for the Department’s approval in the case of prescribed guidance on the information to be given about schemes to members.
Paragraphs 5 and 6 amend the 1995 Order. Article 67D is amended to remove the power to make regulations to require prescribed guidance on calculating the actuarial value of an affected member’s subsisting rights to have been approved by the Department. Article 116 is amended to remove the power to make regulations to require the prescribed guidance on valuing a scheme’s assets and liabilities to have been so approved.
Paragraph 7 amends Article 209 of the 2005 Order to remove the power to make regulations to require the Department’s approval in the case of prescribed actuarial guidance.