Pensions Act, 1990
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Provisions relating to schemes commencing before commencement of this Part. |
45.—(1) This section applies to relevant schemes that came into operation before the commencement of this Part. | |
(2) The actuary shall determine the percentage, if any, of the benefits under a scheme to which paragraph 4 of the Third Schedule relates that, in his opinion, could have been provided at the effective date of the first actuarial funding certificate in relation to the scheme from the resources of the scheme if— | ||
(a) the scheme had been wound up on that date, and | ||
(b) (i) the liabilities of the scheme for benefits under the scheme specified in subparagraphs (i), (ii) and (iii), of subsection (a) of section 44 , and | ||
(ii) the estimated expenses of administering a winding up, | ||
had already been discharged from resources of the scheme. | ||
(3) In determining the percentage referred to in subsection (2), the actuary shall have regard to the order of priority accorded to each category of membership in the rules of the scheme concerned respecting a winding up thereof but only in so far as they apply to the benefits to which the said paragraph 4 relates and the actuary may determine a different percentage for each such category of membership. | ||
(4) The first actuarial funding certificate in relation to a scheme shall state a percentage for each category of membership to which, pursuant to subsection (3), a different percentage applies (in this Part referred to as “the certified percentage”), being the lesser of— | ||
(a) the percentage determined by the actuary pursuant to subsections (2) and (3), and | ||
(b) 100 per cent. | ||
(5) For the purposes of this Part— | ||
(a) where an actuarial funding certificate relates to an effective date not more than 10 years after the commencement of this Part, the specified percentage shall be the certified percentage, | ||
(b) where an actuarial funding certificate relates to an effective date more than 10 years after such commencement and on such commencement the scheme concerned was a funded scheme, the specified percentage shall be 100 per cent. |