Occupational Pension Schemes (Funding Standard) Regulations, 1993.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: (1) These Regulations may be cited as the Occupational Pension Schemes (Funding Standard) Regulations, 1993.
(2) These Regulations shall come into operation on the 31st day of December, 1993.
2 Revocation.
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paragraphs: The Occupational Pension Schemes (Funding Standard) Regulations, 1991 (No. 371 of 1991) are hereby revoked.
3 Definitions.
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paragraphs: In these Regulations—
"the Act" means the Pensions Act, 1990 (No. 25 of 1990);
"active member" in relation to a scheme, means any member who is in reckonable service at the commencement of the relevant scheme year;
"actuarial funding certificate" has the meaning assigned to it in section 42 of the Act;
"affiliate" means another body corporate that is a subsidiary company or a holding company (within the meaning of section 155 of the Companies Act, 1963 ) of the employer or a fellow subsidiary of the employer's holding company;
"associate" means in relation to any person
( a ) that person's spouse, parent, brother, sister or minor child, or
( b ) the trustee of any trust, the principal beneficiaries of which are the person, his spouse or any of his minor children or any body corporate which he controls, or
( c ) a partner of that person, or
( d ) a body corporate which is controlled by that person:
For the purposes of (b) and (d) a person shall be deemed to control a body corporate if, but only if, he is alone or together with any of the persons referred to in (a), (b) or (c) above interested in more than one-half of the equity share capital (within the meaning of section 155 of the Companies Act, 1963 ) of that body or entitled to exercise or control the exercise of more than one-half of the voting power at any general meeting of that body. The reference to voting power exercised by a person shall include references to voting power exercised by another body corporate which that person controls;
"concentration of investment", in relation to a scheme, means investments exceeding a stated percentage of the resources of the scheme in one undertaking and in any associate of it or in one property, other than in the following categories:
( a ) Government securities;
( b ) insurance policies;
( c ) contracts of assurance;
( d ) managed funds;
( e ) unit trusts; and
( f ) cash deposits with authorised deposit taking institutions.
"self-investment", in relation to a scheme, means investment of all or part of the resources of the scheme in the business of any one or more of the following persons
(i) the employer of any person employed in the relevant employment,
(ii) an affiliate of the employer of any person employed in the relevant employment,
(iii) any director or shadow director (within the meaning of section 27 of the Companies Acts, 1963) of the employer or of an affiliate, or of an associate of any such director or shadow director,
and for this purpose "investment" shall be deemed to include investment in—
( a ) land which is occupied or used by or let to;
( b ) property, other than land, which is used for the purpose of any business carried on by;
( c ) loans to;
( d ) moneys due to the scheme held by
any such person referred to in paragraphs (i), (ii) or (iii) of this definition.
( e ) shares or other securities issued by any such person who is a body corporate,
but shall not include investment in land or buildings used for the purpose of any business carried on by any such person, which is let at full market value and which, for the purpose of calculating the resources of the scheme, is independently valued and is taken into account on the lower of its value on a vacant possession basis and its value subject to the letting;
"small member-controlled scheme" means a scheme with not more than 12 active members, all of whom are trustees of the scheme.
4 Actuarial funding certificates.
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paragraphs: (1) For the purposes of section 42 of the Act—