The Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 1994
These regulations, which modify section 140 of the Pension Schemes (Northern Ireland) Act 1993 (deficiencies in the assets of a scheme on winding up), consolidate, with amendments, provisions contained in the Occupational Pension Schemes (Deficiency on Winding Up etc. ) Regulations (Northern Ireland) 1992 (the “1992 Regulations”). The amendments are contained in:regulation 2 which amends the method of calculating a scheme’s assets and liabilities and provides that such calculations shall be made in accordance with the valuation method set out in Guidance Note GN 19 published by the Institute of Actuaries and the Faculty of Actuaries;regulation 3 which amends the provision in relation to schemes which apply to more than one employer so that in certain circumstances each section of such a scheme is to be treated as a separate scheme;regulation 4 which amends the provision in relation to schemes in respect of which there are no members in pensionable service so that alternative arrangements for the payment of benefits exist in certain circumstances.