The Occupational Pension Schemes (Employer Debt) Regulations (Northern Ireland) 2005

Interpretation

2.—(1) In these Regulations –

“the 2005 Order” means the Pensions (Northern Ireland) Order 2005(1);

“the actuary” means the actuary appointed for the scheme in pursuance of Article 47(1)(b) (professional advisers) or, in the case of a scheme to which that provision does not apply by virtue of regulations made under Article 47(5), an actuary otherwise authorised by the trustees or managers to provide such valuations or certifications as may be required under these Regulations;

“the applicable time” means the time as at which the value of the assets of a scheme and the amount of its liabilities are to be determined, calculated and verified for the purposes of Article 75;

“the Deficiency on Winding Up Regulations” means the Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 1996(2);

“employer” has the same meaning as in Article 75 (but see paragraph (2) and regulations 9 and 13);

“employment-cessation event” has the meaning given in regulation 6(4);

“the MFR Regulations” means the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations (Northern Ireland) 1996(3);

“money purchase scheme” means an occupational pension scheme under which all the benefits that may be provided other than death benefits are money purchase benefits;

“multi-employer scheme” means a scheme in relation to which there is more than one employer (including, except in regulation 8, any section of a scheme treated under that regulation as a scheme if there is more than one employer in relation to that section);

“the tax condition”, in relation to a scheme, means –

(a)

that the scheme has been approved by the Commissioners of Inland Revenue for the purposes of section 590 (conditions for approval of retirement benefit schemes) or 591 (discretionary approval) of the Taxes Act 1988 at any time before 6th April 2006, or

(b)

that the scheme is registered under section 153 of the Finance Act 2004(4) (registration of pension schemes);

“the Winding Up Regulations” means the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996(5).

(2) In these Regulations “scheme” must be read in appropriate cases in accordance with the modifications of Article 75 made by regulation 8, 14 or 15, as the case may be; and “employer” and “member” must be read accordingly.

(3) References in these Regulations to the guidance in GN 19 are to the guidelines on winding up and scheme asset deficiency (GN 19), prepared and published by the Institute of Actuaries and the Faculty of Actuaries(6) and approved for the purposes of these Regulations by the Department, with such revisions as have been so approved at the applicable time.

(4) References in these Regulations to the guidance in GN 27 are to the guidelines on minimum funding requirement (GN 27), prepared and published by the Institute of Actuaries and the Faculty of Actuaries and approved for the purposes of the MFR Regulations by the Department, with such revisions as have been so approved at the applicable time.

(5) In these Regulations any reference to a numbered Article is a reference to the Article of the Pensions (Northern Ireland) Order 1995 bearing that number.

(1)

S.I. 2005/255 (N.I. 1)

(2)

S.R. 1996 No. 585, amended by S.R. 1997 Nos. 160 and 544, S.R. 1999 No. 486, S.R. 2002 No. 64, S.R. 2004 No. 60 and S.R. 2005 No. 20

(3)

S.R. 1996 No. 570; relevant amending Regulations are S.R. 1996 No. 584, S.R. 1997 No. 160, S.R. 2000 No. 335 and S.R. 2002 No. 64

(4)

2004 c. 12

(5)

S.R. 1996 No. 621, to which there are amendments not relevant to these Regulations

(6)

The publications GN 19 and GN 27 may be obtained from the Institute of Actuaries, Staple Inn Hall, High Holborn, London WC1V 7QJ and from the Faculty of Actuaries, Maclaurin House, 18 Dublin Street, Edinburgh EH1 3PP