24 December 2009
The Profession has recently learnt that, in order to amend a number of errors in the initial version, the DWP has substituted the present version of The Occupational Pension Schemes (Employer Debt and Miscellaneous Amendments) Regulations 2008 SI 2008/731 for the initial version of the regulations which was laid before Parliament in March 2008 and commenced on 6 April 2008.
Although concerns were expressed that this action might affect certificates that had been signed off by actuaries between April 2008 and the implementation of the present version of the regulations, rendering the certificates' legal status questionable, we have now heard from the DWP that this is not the case. We wrote to the DWP on 15 October 2009 and have received their reply saying "we are happy to confirm our view that the substituted S.I. does not invalidate actuarial certificates that have been given in good faith since 6 April 2008. The corrected version of the certificate should of course be used for any future certificates."
The Pensions Practice Executive Committee is bringing this to the attention of pensions actuaries.