PENSIONS Citation, commencement and interpretation 1 1 These Regulations may be cited as the Pensions Regulator (Notifiable Events) Regulations (Northern Ireland) 2005 and shall come into operation on 6th April 2005. 2 In these Regulations – “ the Order ” means the Pensions (Northern Ireland) Order 2005; “business” includes trade or profession; “control” has the meaning ascribed to it in Article 4(10) of the Insolvency Order (“associate”), and “controlling company” is to be construed accordingly; “debt” includes a contingent debt; “director” has the meaning given to it in Article 9 of the Companies Order (“director” and “shadow director”); ... ... “scheme assets” means the value of the assets according to the most recent actuarial valuation carried out under Article 203 of the Order (actuarial valuations and reports) or, if no such valuation has been carried out, the most recent valuation carried out under Article 56 of the 1995 Order (minimum funding requirement) and regulations made thereunder. Notifiable events 2 1 The events prescribed for the purposes of Article 64(2)(a) of the Order (duty to notify the Regulator of certain events – prescribed events in respect of an eligible scheme) are – a any decision by the trustees or managers to take action which will, or is intended to, result in any debt which is or may become due to the scheme not being paid in full; b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c a decision by the trustees or managers of a scheme (“the relevant scheme”) to make a transfer payment to, or accept a transfer payment from, another scheme , or where the trustees or managers are required to make or accept a transfer payment without such a decision having been taken, the making or acceptance of that payment, the value of which is more than the lower of – i 5 per cent. of the value of the scheme assets of the relevant scheme, and ii £1,500,000 (one million five hundred thousand pounds); d a decision by the trustees or managers to grant benefits, or a right to benefits, on more favourable terms than those provided for by the scheme rules, without either seeking advice from the actuary (appointed under Article 47(1) of the 1995 Order) or securing additional funding where such funding was advised by the actuary; e a decision by the trustees or managers to grant benefits, or a right to benefits, to a member , or where the trustees or managers are required to grant benefits or a right to benefits without such a decision having been taken, the granting of those benefits or that right, the cost of which is more than the lower of – i 5 per cent. of the value of the scheme assets, and ii £1,500,000 (one million five hundred thousand pounds). 2 The events prescribed for the purposes of Article 64(2)(b) of the Order (duty to notify the Regulator of certain events – prescribed events in respect of the employer in relation to an eligible scheme) are – a any decision by the employer to take action which will, or is intended to, result in a debt which is or may become due to the scheme not being paid in full; b a decision by the employer to cease to carry on business in the United Kingdom , or where the employer ceases to carry on business in the United Kingdom without such a decision having been taken, the cessation of business in the United Kingdom by that employer ; c where applicable, receipt by the employer of advice that it is trading wrongfully within the meaning of Article 178 of the Insolvency Order (wrongful trading), or circumstances being reached in which a director or former director of the company knows that there is no reasonable prospect that the company will avoid going into insolvent liquidation within the meaning of that Article, and for this purpose Article 178(4) of that Order applies; d any breach by the employer of a covenant in an agreement between the employer and a bank or other institution providing banking services, other than where the bank or other institution agrees with the employer not to enforce the covenant; e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . f where the employer is a company, a decision by a controlling company to relinquish control of the employer company , or where the controlling company relinquishes such control without a decision to do so having been taken, the relinquishing of control of the employer company by that controlling company ; g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . h the conviction of an individual, in any jurisdiction, for an offence involving dishonesty, if the offence was committed while the individual was a director or partner of the employer. Sealed with the Official Seal of the Department for Social Development on 25th March 2005. John O'Neill A senior officer of the Department for Social Development