Occupational Pension Schemes (Winding Up, Deficiency on Winding Up and Transfer Values) (Amendment) Regulations 2005 come into force
Implementation date: 15 February 2005
The Regulations provide a new method of calculating liabilities when a scheme begins to wind up on or after 15 February 2005 in circumstances where the sponsoring employer is not insolvent. The scheme's liabilities in these circumstances are to be calculated on a basis which assumes that any accrued rights to a pension or other benefit under the scheme for members with more than two years of pensionable service, as well as any entitlement to the payment of a pension that has arisen under the scheme (including any increase to a pension), will be discharged by the purchase of annuities. The Regulations can be viewed on the OPSI website.