The Occupational Pension Schemes (Discharge of Liability) Regulations 1997

PART I GENERAL

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Occupational Pension Schemes (Discharge of Liability) Regulations 1997 and shall come into force on 6th April 1997.

(2) In these Regulations—

“the 1995 Act” means the Pensions Act 1995;

“the 1993 Act” means the Pension Schemes Act 1993;

“actuary” means—

(a)

a Fellow of the Institute of Actuaries, or

(b)

a Fellow of the Faculty of Actuaries, or

(c)

a person with actuarial qualifications who is approved by the Secretary of State;

“pensionable age” has the same meaning as in section 181 of the 1993 Act(1);

“relevant scheme” has the same meaning as in section 12C of the 1993 Act(2);

“supplementary credits” has the same meaning as in section 75 of the 1993 Act; and

“trustees”, in relation to an occupational pension scheme which is not set up or established under a trust, means the managers of that scheme.

(3) In these Regulations a reference—

(a) to a numbered regulation is to the regulation bearing that number in these Regulations;

(b) in a regulation to a numbered paragraph is to the paragraph bearing that number in that regulation; and

(c) in a regulation to a numbered Part is to the Part bearing that number in these Regulations.

(1)

The definition of “pensionable age” was substituted by the Pensions Act 1995, Schedule 4, paragraph 17.

(2)

Section 12C was inserted by section 136(5) of the Pensions Act 1995.