Multi-employer withdrawal arrangements

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1 Multi-employer withdrawal arrangements Guidance from the Pensions Regulator November 2005 as they existed before 6 April

2 Contents About this guidance...3 Introduction...4 Proposing a withdrawal arrangement...5 What is a withdrawal arrangement?...5 Amount A...5 Amount B...5 Statutory conditions...6 Additional conditions...7 Negotiating a withdrawal arrangement...9 Cessation employer s considerations...9 Trustees considerations...9 Guarantor s considerations...10 Independent financial advice...10 Adequate justification...10 Conflicts of interest...11 What if the cessation event occurs before negotiations have been completed?...11 Applying for approval of a proposed withdrawal arrangement...13 Interaction with clearance...13 Associated documents...14 Granting approval...15 Determinations...15 What happens if the Pensions Regulator grants approval?...16 What happens if the Pensions Regulator does not grant approval...16 Appendix A: What is a withdrawal debt?...17 How should orphan liabilities be treated?...18 Appendix B: Applying for a direction to suspend the trustees power to enforce the unmodified withdrawal debt...19 Associated documents...19 Appendix C: Glossary of terms...20 Appendix D: Legislative references...22 as they existed before 6 April

3 About this guidance An employer ceasing to participate in a defined benefit multi-employer occupational pension scheme will usually be liable to a debt on withdrawal from the scheme. Any debt due may be modified if the employer enters into a withdrawal arrangement approved by the Pensions Regulator. This guidance tells you about: when a withdrawal arrangement may be applicable; applying to the Pensions Regulator for approval of a proposed withdrawal arrangement; what happens during the approval process; and what factors the Pensions Regulator is likely to consider before granting approval. The guidance is aimed at employers, trustees and advisers involved in defined benefit multi-employer occupational pension schemes, who wish to enter into a withdrawal arrangement. It is only applicable for cessation events occurring on or after 2 September as they existed before 6 April

4 Introduction As an employer you may be considering withdrawing from a defined benefit multi-employer occupational pension scheme (such an employer is known as a 'cessation employer'). This may be the result of a corporate transaction or because you are reviewing your pension arrangements for your employees. However, withdrawing from the scheme may not involve a decision to withdraw it could be the consequence of members changing schemes or ceasing accrual, that is, moving from being an active member to a deferred or pensioner member of the scheme. Either way, the main question for you is whether you have ceased to employ, or intend to cease to employ, all your active members of the scheme. If this happens and there is at least one other employer remaining in the scheme that employs active members this will be a 'cessation event'. This event triggers the liability for any debt due to the scheme under section 75 of the Pensions Act 1995 from the cessation employer. For more information on this debt see Appendix A, page 17. If you do not owe a debt under section 75, for example where the scheme is fully funded on a buy-out basis or the rules of the scheme apportion the whole debt to another employer, then this guidance is not applicable to you. If you do owe money to the scheme, the options available depend upon what date you ceased to employ active members and whether there are any other employers remaining who will continue to employ active members. Consider the following: Did you stop employing all your active members prior to 2 September 2005? If yes, this guidance is not applicable to you. Did you stop employing all your active members on or after 2 September 2005 where no other employers in the scheme were continuing to employ other active members? If yes, this guidance is not applicable to you. Did you stop employing all your active members on or after 2 September 2005 and there is at least one other employer in the scheme continuing to employ active members? If yes, you will have had a cessation event. You are very likely to owe a debt to the scheme calculated at a buy-out level, but you may be able to modify this debt by entering into a withdrawal arrangement approved by the Pensions Regulator. as they existed before 6 April

5 Proposing a withdrawal arrangement What is a withdrawal arrangement? A withdrawal arrangement is a legally binding document between the cessation employer, the guarantor and the trustees, which is approved by the Pensions Regulator. It sets out the proposals for the payment of the modified debt usually to permit the cessation employer to pay a lesser amount on exit from a defined benefit multi-employer occupational pension scheme (see Glossary of terms, page 20). In the arrangement the cessation employer agrees to pay a lesser debt, amount A, and must find a guarantor who agrees to pay or secure an amount B. The guarantor can be any person, but will generally be: one of the remaining employers in the scheme; someone connected with the cessation employer or remaining employers; the cessation employer; or the purchaser in a sale situation. There may be more than one guarantor. There are a number of statutory conditions that must be included, but otherwise you have significant flexibility over what you put in the arrangement as long as all parties to the arrangement agree and they are acceptable to the Pensions Regulator. For an overview of an arrangement see the information on our website, follow the links to 'information for employers'. Amount A Before a cessation employer enters into negotiations with the trustees regarding a withdrawal arrangement, it will probably have a suitable guarantor and an estimate of the amount it is going to pay on exit from the scheme this is amount A. Amount A must be at least the minimum funding requirement (MFR) debt the cessation employer s share of the difference between the actual funding level and that needed to be fully funded on an MFR basis. You must also include in the arrangement the date on or before which you intend to pay amount A. Amount B Amount B can be either: as they existed before 6 April

6 the difference between the unmodified withdrawal debt and the amount A paid by the cessation employer; or the amount needed to secure the cessation employer s members benefits in the event that: o the scheme commences wind-up; o there is no employer in the scheme that has not suffered a relevant event' (see Glossary of terms, page 20); or o the Pensions Regulator calls in the debt. Essentially amount B is either a fixed amount or a floating liability. The employer and the guarantor will also need to consider: the date or dates on which amount B is intended to be paid. This may be as one lump sum on the happening of a certain event or the guarantor may wish to consider staged payments over a period of time; and whether the guarantor proposes to offer security against amount B as an alternative to payments. You need to include all these details in your proposed arrangement and then make sure that all the statutory conditions are also included in the arrangement. Statutory conditions A proposed withdrawal arrangement must meet a number of statutory conditions (contained in Schedule 1A of the Occupational Pension Schemes (Employer Debt) Regulations 2005 (SI No 678 (as amended)): 1. The arrangement must consist of an agreement to which the trustees and the cessation employer are parties. Where the cessation employer is not the guarantor, the guarantor will also be a party. 2. The parties to the agreement must agree that the law of England and Wales applies to the agreement and that it is subject to the jurisdiction of the courts of England and Wales, except where the scheme and/or employer is based in Northern Ireland. In this instance the parties must agree that the law of Northern Ireland applies to the agreement and that it is subject to the jurisdiction of the court of Northern Ireland. Where the scheme and/or the employer is based in Scotland, the parties may need to obtain legal advice from a suitably qualified individual as the law of England and Wales must apply. The cessation employer must agree to pay at least any MFR debt by a specified date (amount A). 3. The agreement must require the guarantors to pay the debt outstanding if: the scheme commences wind-up; as they existed before 6 April

7 there is no employer in the scheme that has not suffered a relevant event' (see Glossary of terms, page 20); or the Pensions Regulator calls in the debt. Where there are two or more guarantors the agreement must provide whether they are joint and severally liable, and also whether the amount is a fixed amount or whether it is the amount required to cover the liabilities for which the cessation employer would have been responsible (if it had paid the unmodified withdrawal debt at cessation) at the 'guarantee time'. (see Glossary of terms, page 20). 4. The agreement must provide for the amount due from the cessation employer and the guarantors to be paid to the trustees unless the Board of the Pension Protection Fund has assumed responsibility for the scheme, in which case it should be paid to the Board of the Pension Protection Fund. 5. The agreement must provide for all the costs reasonably incurred by the trustees in connection with making the agreement and obtaining and implementing the Pensions Regulator s approval of the withdrawal arrangements, to be borne by a party to the agreement other than the trustees. 6. The agreement must provide that it will continue to remain in force until: the wind-up of the scheme is completed; the Pensions Regulator issues a direction stipulating that the agreement is no longer required; or the agreement is replaced by another agreement forming part of an approved withdrawal arrangement. Additional conditions Finally, for an employer proposing a withdrawal arrangement you should consider any additional conditions that should be included in the arrangement. The intention is that parties should be given significant flexibility to allow them to tailor an arrangement to their own circumstances. The Pensions Regulator can impose additional conditions and the parties may also wish to include additional conditions before they submit the arrangement for approval. The Pensions Regulator would expect additional conditions to be incorporated in the majority of arrangements, but these will be particular to the circumstances of the case and usually depend upon the financial strength of the guarantor. There is one additional condition which the Pensions Regulator will impose on all arrangements submitted for approval as part of a withdrawal arrangement. as they existed before 6 April

8 This is that the Pensions Regulator will require the guarantor's consent to the regulator disclosing any notice of a notifiable event received from the guarantor(s) to the trustees and any other guarantors. This is to ensure that the trustees are aware of any notifiable events in relation to the guarantors that may cause them concern regarding the financial security of the arrangement. Also, where there is joint and several liability, each guarantor should be aware of the financial strength of other guarantors. Where there are issues of confidentiality and commercial sensitivity, the parties may wish to include restrictions regarding onward disclosure within the proposed arrangement that is, whilst consenting to the regulator disclosing notifiable events, the recipient is prevented from disclosing the information further. as they existed before 6 April

9 Negotiating a withdrawal arrangement Before drafting a proposed withdrawal arrangement you will need to negotiate the arrangement with all the parties involved the trustees and any guarantors (where you are not acting as guarantor as well). Each party will have their own considerations. Cessation employer s considerations The cessation employer will need to have agreed the proposed withdrawal arrangement before it is submitted for approval to the Pensions Regulator. The cessation employer will need to have negotiated with the trustees and considered: any conflicts of interest in negotiating with the trustees or the guarantor; the statutory conditions; any additional conditions; the amount of debt to be paid on exit (amount A); an appropriate guarantor and be satisfied of the financial strength of the guarantor; and the effect on the cessation employer of paying the unmodified withdrawal debt. Trustees considerations The trustees will need to have agreed the proposed withdrawal arrangement before it is submitted to the Pensions Regulator for approval. They will need to have negotiated with the cessation employer and the guarantor and considered: any risks to the pension scheme posed by the withdrawal of the employer; any conflicts of interest in negotiating with the cessation employer and what reasonable steps may be taken to manage such conflicts; the financial strength of the guarantor, the cessation employer and/or the continuing employers; and the impact of the withdrawal arrangement on the scheme and remaining employers. If the trustees are not satisfied by the evidence provided by the cessation employer as to the financial strength of the guarantor, of the cessation employer and/or of the continuing employers, the Pensions Regulator will as they existed before 6 April

10 expect the trustees to obtain independent financial advice. This should be attached to the application form. If such advice has not been obtained the trustees should provide an explanation as to why they did not think it was necessary to seek such advice on this occasion. Guarantor s considerations The guarantor will need to have agreed the proposed withdrawal arrangement before it has been submitted for approval. The guarantor will have negotiated with the cessation employer and trustees and considered: any conflicts of interest in negotiating with the trustees or the cessation employer; the statutory conditions; any additional conditions; amount of debt to be guaranteed or paid as amount B; the advantages and disadvantages of a fixed amount B or a floating liability as amount B; the level and availability of tangible assets or other forms of financial security; and whether, in relation to such assets or security, there are any negative pledges in place. Independent financial advice When entering into a withdrawal arrangement, the trustees should have had an opportunity to consider the financial strength of the guarantor(s) and its ability to meet amount B when this becomes payable. How they do so will depend on who is proposing to act as guarantor and the cessation employer s financial position. The trustees will need to consider the size of the liability that the guarantor is proposing to guarantee against the guarantor s assets. This will involve consideration of the latest annual report and accounts for the guarantor and, if different, for the cessation employer (including, where relevant, a statement of the assets and liabilities; and where this is inconclusive, a more recent set (interim/management) of accounts and a forward business plan, or an independent financial review by a specialist firm of accountants or business analysts). Adequate justification The Pensions Regulator will require adequate justification if the trustees have not had an opportunity to see or obtain an independent report of the guarantor s covenant, or sight of the relevant accounts together with an opportunity to seek an independent opinion of the accounts, if requested. as they existed before 6 April

11 Such justification needs to demonstrate that the trustees have been able to satisfy any concerns relating to the guarantor s ability to meet amount B if, and when, it becomes due. Conflicts of interest The Pensions Regulator will expect all the parties to identify, note and take reasonable steps to deal with any conflicts of interest. The regulator appreciates there is no one solution for all cases, but some ways in which conflicts may be addressed include: appointing an independent trustee to deal with the withdrawal arrangement; ensuring that any conflicted persons do not exercise voting rights; and seeking and considering independent advice. Once the proposed withdrawal arrangement has been negotiated and agreed by all the parties, you can now apply for approval of the arrangement from the Pensions Regulator for it to take effect. The arrangement must be approved before the Pensions Regulator can issue a direction to modify the debt due from the cessation employer. An arrangement without approval (and subsequent direction) will not release the cessation employer from paying the unmodified statutory debt due under section 75. What if the cessation event occurs before negotiations have been completed? Whilst you are putting a withdrawal arrangement together and negotiating with the other parties there is a chance that the cessation event may occur before agreement is reached. That is, something may happen which means you are no longer employing active members of the scheme whilst there is at least one other employer remaining who is continuing to employ active members. It may be, of course, that you have only started negotiations to put a withdrawal arrangement in place after the cessation event has occurred. If a cessation employer notifies the Pensions Regulator that it proposes to enter into a withdrawal arrangement, the regulator may issue a direction, if requested, to suspend the trustees power to enforce the unmodified withdrawal debt. If the direction were to be issued it would be to allow enough time for the parties to complete negotiations and seek approval of the withdrawal arrangement from the regulator. Negotiations would continue during the suspension period, and once the proposed withdrawal arrangement has been negotiated and agreed by all the parties, you would need to apply for approval of the arrangement from the Pensions Regulator for it to take effect. This application must be made in plenty of time to give the Pensions Regulator sufficient time to consider the arrangement, issue the appropriate notices and make a determination before the period of suspension ends. as they existed before 6 April

12 If you think that applying for a direction may be appropriate for your situation, appendix B, Applying for a direction to suspend the trustees power to enforce the unmodified withdrawal debt, page 19, tells you more. as they existed before 6 April

13 Applying for approval of a proposed withdrawal arrangement To apply for approval of a proposed withdrawal arrangement, complete the application form on our website (follow links to 'information for employers') and send it, together with the associated documents, to the Pensions Regulator at: Corporate Risk Management The Pensions Regulator Napier House Trafalgar Place Brighton BN1 4DW marked To be opened by the Addressee Only The Pensions Regulator can accept electronic applications, but applicants must note that sending information by is not secure and is done so at their own risk. The address is One or more of the parties to the proposed withdrawal arrangement can apply to the Pensions Regulator for approval of a proposed withdrawal arrangement. An application for approval of a proposed withdrawal arrangement can be made before or after the cessation event has occurred. Where a corporate transaction is being undertaken the regulator recognises that approval of a proposed withdrawal arrangement may also be connected with an application for clearance. Interaction with clearance The Pensions Regulator recognises that many events that trigger a cessation event may be type A events (see clearance guidance on our website, follow links to 'codes and guidance', then 'guidance' and 'see also' links) and parties may be seeking clearance in addition to approval of a proposed withdrawal arrangement. In such cases the regulator will consider both matters simultaneously wherever possible in an attempt to reduce time and costs. However, it is important to note that clearance is voluntary and the action of approving a proposed withdrawal arrangement is entirely separate and distinct from giving clearance. Approval of a proposed withdrawal arrangement does not affect the regulator s ability to serve contribution notices or financial support directions in respect of events where clearance has not been granted. Conversely, the granting of clearance does not affect the regulator s ability to refuse to approve a proposed withdrawal arrangement where the events are linked. There is more information on clearance, contribution notices and financial support directions on our website. as they existed before 6 April

14 Associated documents The following documents should be sent with the completed application form when applying to the Pensions Regulator for approval of a proposed withdrawal arrangement. A copy of the proposed withdrawal arrangement (see Glossary of terms, page 20). Board minutes or copy resolution of the relevant parties ratifying the proposed arrangement. Copies of any additional documents required, for example if an actuarial certificate is required under regulation 5 and as at Schedule 1B, this should be enclosed, if it is available. A copy of the actuary s advice/report/letter providing evidence to support the figures shown on the application form. Copies of any independent financial advice on the financial strength of the guarantor or the cessation employer, which the trustees have considered in relation to the proposed withdrawal arrangement. (If the trustees are not satisfied by the evidence provided by the applicant as to the financial strength of the guarantor or the cessation employer, the Pensions Regulator will expect the trustees to obtain their own independent financial advice or give adequate justification of why such advice is not deemed necessary in this instance). A copy of any legal advice received about identifying and managing any potential conflicts of interest, where relevant. (We are aware that legal advice is subject to privilege. That legal privilege belongs to the client and it will be up to the client to decide if they wish to waive that privilege. If not including a copy of the advice, please include a statement confirming that legal advice was taken.) as they existed before 6 April

15 Granting approval To approve a proposed withdrawal arrangement (see Glossary of terms, page 20) the Pensions Regulator must be satisfied that: a proposed withdrawal arrangement contains the statutory conditions; a proposed withdrawal arrangement contains any additional conditions it considers necessary; and the guarantor has or will have such resources that the withdrawal debt is more likely to be met if the arrangement is approved. As part of the application process the regulator requires a copy of the withdrawal arrangement, supporting information and documents. This is so we can assess that the statutory conditions are in place, consider any additional conditions and be satisfied of the more likely test, above. To help us judge whether the guarantor has or will have such resources that the withdrawal debt is more likely to be met if the arrangement is approved, the regulator will assess: whether the cessation employer can afford the debt; and whether the withdrawal arrangement will mean that the debt is more likely to be paid. During the time the regulator is assessing the information provided, it may need to contact the parties for further clarification or information. The regulator will consider all additional conditions included by the parties and may also add additional conditions in order to approve the arrangement. We will discuss these with all the parties. Determinations The decision to issue a notice of approval will be made by a determination following the standard procedure as contained in section 96 of the Pensions Act The Pensions Regulator has produced guidance on determinations and the standard procedure available on our website (follow links to 'regulatory activity' and then 'determinations'). A summary. All directly affected parties (see Glossary of terms, page 20) will receive a warning notice directly affected parties may be wider than those parties to the arrangement depending upon the circumstance of the case and may include, for example, other employers in the scheme. All directly affected parties will be given an opportunity to make representations to the Pensions Regulator. as they existed before 6 April

16 After considering all representations received, the Pensions Regulator will issue a determination notice; and any notice of approval made will accompany the determination notice; if any direction is made that modifies the withdrawal debt due from the cessation employer, this will accompany the determination notice; and the notice and any direction will take effect 28 days after the date of the determination (the period during which a directly affected party can make a reference to the Pensions Regulator Tribunal). What happens if the Pensions Regulator grants approval? If approval is granted, the Pensions Regulator will issue a determination notice, an approval notice and any direction modifying the withdrawal debt to the extent that the cessation employer only has to pay amount A. The approval notice and direction will take effect 28 days from the date of the determination (the period during which a directly affected party (see Glossary of terms, page 20) can make a reference to the Pensions Regulator Tribunal). The approved withdrawal arrangement remains in place until: the wind-up of the scheme is completed; the Pensions Regulator issues a direction that the withdrawal arrangement is no longer required; the Pensions Regulator approves a replacement withdrawal arrangement; or the Pensions Regulator issues a notice calling in the debt. What happens if the Pensions Regulator does not grant approval? If the Pensions Regulator does not approve a proposed withdrawal arrangement (see Glossary of terms, page 20), the cessation employer remains liable for the unmodified withdrawal debt. The parties will be issued with a determination notice detailing the Pensions Regulator s decision not to give approval. This notice will also include details of the right to seek a reference of that decision to the Pensions Regulator Tribunal. For more information on determinations by the Pensions Regulator and reference to the Pensions Regulator Tribunal, please see the determinations guidance on our website (follow links to 'regulatory activity' and then 'determinations'). The parties may also wish to re-apply with an amended withdrawal arrangement. as they existed before 6 April

17 Appendix A: What is a withdrawal debt? When a participating employer in a defined benefit multi-employer occupational pension scheme (see Glossary of terms, page 20) has a cessation event (see Glossary of terms, page 20) then that employer (the cessation employer) usually becomes liable for a debt on withdrawal (the withdrawal debt). Where a cessation event occurred prior to 2 September 2005, the withdrawal debt was calculated by reference to the minimum funding requirement (MFR). If the scheme was less than fully funded on an MFR basis, the amount of the debt was the cessation employer s share of the difference between the actual funding level and that needed to be fully funded on an MFR basis. Where a cessation event occurs on or after 2 September 2005, the withdrawal debt is calculated on a full buy-out basis. This means it is calculated by reference to the amount it would cost to buy out the benefits of those members whose entitlement under the scheme is attributable to employment with the cessation employer by purchasing deferred and/or immediate annuities. This full buy-out debt is greater than the MFR debt. For some multi-employer occupational pension schemes, the scheme rules will contain provisions on dealing with the withdrawal debt when a participating employer exits the scheme, for example rules governing the apportionment of the debt. In these circumstances, the withdrawal debt is apportioned in accordance with the scheme rules and references throughout the guidance to unmodified withdrawal debt include the debt due under the scheme rules (in addition to referring to the withdrawal debt due where the rules are silent and the debt is apportioned by operation of the legislation). The calculation of the withdrawal debt will also have to take into account any orphan liabilities. Orphan liabilities are those that relate to members of a scheme where there is no corresponding employer. A withdrawal arrangement modifies, in law, how a withdrawal debt is calculated. If a withdrawal arrangement is approved by the Pensions Regulator, the way in which the withdrawal debt on a cessation employer is calculated is modified resulting in the cessation employer being liable for a lesser amount. An employer, whose cessation event has occurred on or after 2 September 2005, can therefore decide either to: pay the unmodified withdrawal debt; or enter into a withdrawal arrangement approved by the Pensions Regulator and pay the modified withdrawal debt. An employer, whose cessation event has occurred before 2 September 2005, is unable to modify the debt by entering into a withdrawal arrangement. as they existed before 6 April

18 How should orphan liabilities be treated? Orphan liabilities are those that relate to members of a scheme where there is no corresponding employer. This only occurs where in the past there has been, or there is at present, more than one employer in relation to the scheme. The liabilities are orphaned when an employer ceases to participate in a scheme and the members who were employed by the cessation employer retain benefits in that scheme. Ideally all orphan liabilities would be treated in the same way. However, as the employer s relationship differs within the various types of multi-employer scheme, this will influence how the liabilities are apportioned and/or discharged. An employer who ceases to participate in a scheme operated by a group of companies will usually have some form of association or connection with the remaining employers. The withdrawal debt should include the cessation employer s share of the orphan liabilities. as they existed before 6 April

19 Appendix B: Applying for a direction to suspend the trustees power to enforce the unmodified withdrawal debt To apply for a direction to suspend the trustees power to enforce the unmodified debt, the cessation employer must notify the Pensions Regulator that it wishes to enter into a withdrawal arrangement and complete the application form available on our website (follow links to 'information for employers'). Send the completed form, together with associated documents, to the Pensions Regulator at: Corporate Risk Management The Pensions Regulator Napier House Trafalgar Place Brighton BN1 4DW marked To be opened by the Addressee Only The Pensions Regulator can accept electronic applications, but applicants must note that sending information by is not secure and is done so at their own risk. The address is Associated documents The following should be sent with the completed application form when applying to the Pensions Regulator for a direction to suspend the trustees power to enforce the unmodified debt. A statement of the steps that have been taken to demonstrate that cessation has occurred or is very likely to occur. as they existed before 6 April

20 Appendix C: Glossary of terms Cessation event A cessation event occurs when an employer ceases to employ persons in the description of employment to which the scheme relates, at a time when at least one other employer continues to employ such persons. Directly affected parties Any party who the Pensions Regulator believes will be directly affected by the outcome of a determination made by the Pensions Regulator. In relation to granting approval to a proposed withdrawal arrangement, this will usually consist of the parties to the agreement and possibly any remaining employers in relation to the scheme. Guarantee time The guarantee time is the earliest of: the date the scheme commences wind-up; the first date on which there is no employer in relation to the scheme to whom a relevant event has not occurred; or the date the Pensions Regulator issues a notice to call in the debt. Multi-employer occupational pension scheme An occupational pension scheme in relation to which there is more than one employer. It does not include sectionalised schemes where: contributions payable by an employer are allocated to that employer s section; and a specified part or proportion of the scheme s assets are attributable to each section and cannot be used for any other section; and there is only one employer in each section. Proposed withdrawal arrangement A proposed withdrawal arrangement is one that: has already been agreed by all parties to the agreement; meets the statutory conditions; and as they existed before 6 April

21 meets any additional conditions. Relevant event A relevant event in relation to an employer occurs if and when: an insolvency event occurs in relation to an employer (including a members voluntary liquidation); an application is made by the trustees to the Board of the Pension Protection Fund to assume responsibility for the scheme; or the trustees have received a notice from the Board of the Pension Protection Fund under section 129(5) of the Pensions Act as they existed before 6 April

22 Appendix D: Legislative references The relevant legislation for multi-employer withdrawal arrangements is as follows. The Occupational Pension Schemes (Employer Debt) Regulations 2005 SI 678 (as amended). Sections 75 and 75A of the Pensions Act 1995 (as amended). For Northern Ireland the relevant legislation is as follows. The Occupational Pension Schemes (Employer Debt) Regulations (Northern Ireland) 2005 S.R No 168 (as amended). Articles 75 and 75A of the Pensions (Northern Ireland) Order 2005 (as amended). References to the legislation throughout the guidance refers to the GB legislation, therefore for Northern Ireland schemes corresponding references should be used. as they existed before 6 April

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