Part 1 Funding of Defined Benefit Schemes
Pension Schemes Act 2021 (2021 c 1) | Legislation

SCHEDULE 11 Further Provision Relating to Pension Schemes: Northern Ireland

Section 129

Part 1 Funding of Defined Benefit Schemes

Amendments of Part 4 of the Pensions (Northern Ireland) Order 2005

1

Part 4 of the Pensions (Northern Ireland) Order 2005 (SI 2005/255 (NI 1)) (scheme funding) is amended as follows.

2

Before Article 201 insert—

“200A Funding and investment strategy

(1)     The trustees or managers must determine, and from time to time review and if necessary revise, a strategy for ensuring that pensions and other benefits under the scheme can be provided over the long term.

This is referred to in this Part as a “funding and investment strategyâ€.

(2)     The strategy must, in particular, specify—

(a)     the funding level the trustees or managers intend the scheme to have achieved as at the relevant date or relevant dates, and

(b)     the investments the trustees or managers intend the scheme to hold on the relevant date or relevant dates.

(3)     In paragraph (2)—

(a)     “funding level†means the ratio of the scheme's assets to its liabilities;

(b)     “relevant date†means a date determined in accordance with regulations.

(4)     Provision may be made by regulations—

(a)

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