The Pension Protection Fund (Waiver of Pension Protection Levy and Consequential Amendments) Regulations (Northern Ireland) 2007

Interpretation

2.—(1) In these Regulations—

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

“pension protection levy”, “risk-based pension protection levy” and “scheme-based pension protection levy” are to be construed in accordance with Article 158 of the Order (which provides for the imposition of pension protection levies in respect of eligible schemes);

“relevant benefits” means benefits other than money purchase benefits;

“relevant employment”, in relation to a scheme, means any employment to which the scheme applies;

“segregated scheme” means a multi-employer scheme which is divided into two or more sections where—

(a)

any contributions payable to the scheme by an employer in relation to the scheme or by a member are allocated to that employer’s or that member’s section, and

(b)

a specified proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section;

“unallocated assets”, in relation to a scheme, means any assets of the scheme which have not been specifically allocated for the provision of benefits to, or in respect of, members (whether generally or individually).

(2) In these Regulations—

(a) references to a scheme include, in the case of a segregated scheme, any section of the scheme, and

(b) references to the dissolution of a company are to the dissolution of the company in accordance with Article 166(1) of the Insolvency Order (dissolution on a voluntary winding up).

(1)

Article 166 was amended by regulation 3(1)(d) of S.I. 2006/3429