|Made||24th February 2004|
|Coming into operation||15th March 2004|
(3) For the purposes of paragraph (1) an employer is insolvent if a relevant insolvency event within the meaning given by Article 75(4) has occurred in relation to that employer.".
Amendment of the Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations
3. - (1) The Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 1996 shall be amended in accordance with paragraphs (2) to (4).
(2) In regulation 3(1) (calculation of the value of scheme liabilities and assets) for "regulation 3A" there shall be substituted "regulations 3A and 3B".
(3) In the heading to regulation 3A (valuation of liabilities where employer not insolvent) after "employer not insolvent" there shall be added "and where winding up commences before 11th June 2003".
(4) After regulation 3A, there shall be inserted the following regulation -
it shall be assumed that all such liabilities will be discharged by the purchase of annuities of a kind described in Article 74(3)(c) (discharge of liabilities by insurance, etc.) and, for the purposes of the calculation, the actuary shall estimate the cost of purchasing any such annuities.".".
Sealed with the Official Seal of the Department for Social Development on
24th February 2004.
D. A. Baker
Senior Officer of the Department for Social Development