The Scheme Funding Regulations are to be amended so that:
- a segregated section of a multi-employer pension scheme which is winding-up is exempt from the requirements of Part 3 of the Pensions Act 2004 where certain criteria are met; and
- the modifications which require the actuary, in certain circumstances, to provide a certificate confirming that the level of contributions to be no less than that which he would have provided for, will apply where the actuary has the sole power to determine any (not just all) of the rates of contributions payable by the employer without the employer’s agreement. The policy intention in this area was that the legislation should not, as far as possible, override the essential balance of power in the scheme rules. The amendment is intended to ensure that the modifications still apply where the scheme actuary sets the rates in a given set of circumstances, but only where that given set of circumstances exists.