The Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024
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SCHEDULE 1 Funding and investment strategy – matters and principles
Regulation 11 Matters 1 In determining or revising a scheme’s funding and investment strategy, the trustees or managers of the scheme must take into account— (a) the actuary’s estimate of the date on which the scheme is expected to (or, if applicable, did) reach significant maturity, as set out in the actuarial valuation to which the funding and investment strategy relates, (b) the actuary’s estimate of the maturity of the scheme as at the effective date of the actuarial valuation to which the funding and investment strategy relates, as set out in that actuarial valuation, and (c) the objective that on and after the relevant date the assets to which the minimum funding level relates, as provided for in paragraph 3, are invested in accordance with a low dependency investment allocation. Principles 2 The trustees or managers of a scheme must, in determining or revising the scheme’s funding and investment strategy, follow the principles set out in paragraphs 3 to 5 of this Schedule. Minimum requirement on and after the relevant date 3 On and after the relevant date a minimum requirement that a scheme is subject to is that the scheme has sufficient and appropriate assets such that the funding level of the scheme calculated in accordance with the requirements in regulation 9(2) and (3) is as a minimum 1:1 (“the minimum funding level”). Risk in relation to calculation of liabilities on journey plan 4 (1) The principles set out in sub-paragraph (2) relate to the level of risk that can be taken by the trustees or managers of a scheme in determining the actuarial assumptions used for the purposes of calculating the liabilities of the scheme as it moves along its journey plan. (2) The principles are that the level of risk that can be taken— (a) is dependent on the strength of the employer covenant (so that more risk can be taken where the employer covenant is stronger and less risk can be taken where the employer covenant is weaker); (b) subject to paragraph (a), depends on how near the scheme is to reaching the relevant date (so that, subject to the strength of the employer covenant, more risk can be taken where a scheme is a long way from reaching the relevant date and less risk can be taken where a scheme is near to reaching the relevant date). Liquidity 5 The assets of the scheme must be invested in investments with sufficient liquidity to enable the scheme to meet expected cash flow requirements and make reasonable allowance for unexpected cash flow requirements.
SCHEDULE 1 Funding and investment strategy – matters and principles
Regulation 11 Matters 1 In determining or revising a scheme’s funding and investment strategy, the trustees or managers of the scheme must take into account— (a) the actuary’s estimate of the date on which the scheme is expected to (or, if applicable, did) reach significant maturity, as set out in the actuarial valuation to which the funding and investment strategy relates, (b) the actuary’s estimate of the maturity of the scheme as at the effective date of the actuarial valuation to which the funding and investment strategy relates, as set out in that actuarial valuation, and (c) the objective that on and after the relevant date the assets to which the minimum funding level relates, as provided for in paragraph 3, are invested in accordance with a low dependency investment allocation. Principles 2 The trustees or managers of a scheme must, in determining or revising the scheme’s funding and investment strategy, follow the principles set out in paragraphs 3 to 5 of this Schedule. Minimum requirement on and after the relevant date 3 On and after the relevant date a minimum requirement that a scheme is subject to is that the scheme has sufficient and appropriate assets such that the funding level of the scheme calculated in accordance with the requirements in regulation 9(2) and (3) is as a minimum 1:1 (“the minimum funding level”). Risk in relation to calculation of liabilities on journey plan 4 (1) The principles set out in sub-paragraph (2) relate to the level of risk that can be taken by the trustees or managers of a scheme in determining the actuarial assumptions used for the purposes of calculating the liabilities of the scheme as it moves along its journey plan. (2) The principles are that the level of risk that can be taken— (a) is dependent on the strength of the employer covenant (so that more risk can be taken where the employer covenant is stronger and less risk can be taken where the employer covenant is weaker); (b) subject to paragraph (a), depends on how near the scheme is to reaching the relevant date (so that, subject to the strength of the employer covenant, more risk can be taken where a scheme is a long way from reaching the relevant date and less risk can be taken where a scheme is near to reaching the relevant date). Liquidity 5 The assets of the scheme must be invested in investments with sufficient liquidity to enable the scheme to meet expected cash flow requirements and make reasonable allowance for unexpected cash flow requirements.
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