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Amendment of section 50 of Act of 1990
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11. Section 50 of the Act of 1990 is amended—
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(a) by inserting the following subsections after subsection (1A):
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“(1B) The Board may, by notice in writing, following an application by the trustees or otherwise, direct the trustees of a relevant scheme (other than a regulatory own funds scheme) to take such measures as may be specified by the Board in the notice or, if no measures are specified in the notice, such measures as may be necessary to reduce, in accordance with subsection (1C) and subject to subsection (1D), the benefits payable from the scheme to or in respect of persons receiving benefits under the scheme or persons who have reached normal pensionable age, where—
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(a) the trustees of the scheme fail to submit an actuarial funding certificate within the period specified in section 43,
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(b) the actuarial funding certificate certifies that the scheme does not satisfy the funding standard and the trustees of the scheme have not submitted a funding proposal in accordance with section 49,
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(c) the actuarial funding certificate certifies that the scheme does not satisfy the funding standard and the trustees of the scheme have submitted a funding proposal in accordance with section 49,
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(d) the Board consents to the amendment of a scheme in accordance with section 50A,
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(e) the trustees of the scheme fail to submit a funding standard reserve certificate within the period specified in section 43,
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(f) the funding standard reserve certificate certifies that the scheme does not satisfy the funding standard reserve and the trustees of the scheme have not submitted a funding proposal in accordance with section 49, or
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(g) the funding standard reserve certificate certifies that the scheme does not satisfy the funding standard reserve and the trustees of the scheme have submitted a funding proposal in accordance with section 49.
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(1C) A reduction in the benefits referred to in subsection (1B) shall, subject to subsection (1D), be made as follows:
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(a) where the annual amount is €12,000 or less, no reduction shall be made from such annual amount;
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(b) where the annual amount is greater than €12,000 and is less than €60,000, the reduction in such annual amount shall not exceed 10 per cent;
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(c) where the annual amount is €60,000 or more, the reduction in such annual amount shall not exceed 20 per cent.
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(1D) Where—
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(a) the reduction referred to in subsection (1C) would result in the annual amount being reduced to less than €12,000, that reduction shall operate to reduce such annual amount to €12,000, and
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(b) the annual amount is €60,000 or more and the reduction referred to in subsection (1C) would result in such annual amount being reduced to less than €54,000, that reduction shall operate to reduce such annual amount to €54,000.”,
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(b) in subsection (2), by substituting “, (1A) or (1B)” for “or (1A)”,
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(c) in subsection (2A)—
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(i) by substituting “, (1A) or (1B)” for “or (1A)”, and
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(ii) in paragraph (b), by substituting “, paragraph (c) or (g) of subsection (1A) or paragraph (c) or (g) of subsection (1B)” for “or paragraph (c) or (g) of subsection (1A)”,
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(d) in subsection (3)—
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(i) by substituting “, (1A) or (1B)” for “or (1A)”,
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(ii) in paragraph (a)(i), by inserting “or (1B)” after “subsection (1A)”, and
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(iii) in paragraph (b)(iii)(II), by substituting “, paragraph (c) or (g) of subsection (1A) or paragraph (c) or (g) of subsection (1B)” for “or paragraph (c) or (g) of subsection (1A)”,
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(e) in subsection (5), by substituting “, (1A) or (1B)” for “or (1A)”,
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(f) in subsection (6), by substituting “, (1A) or (1B)” for “or (1A)”,
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(g) in subsection (7), by substituting “, (1A) or (1B)” for “or (1A)”,
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(h) in subsection (8), by substituting “, (1A) or (1B)” for “or (1A)”, and
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(i) by inserting the following subsection after subsection (8):
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“(9) In this section, ‘annual amount’ has the meaning assigned to it by section 48(8).”.
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