PART 12The Pension Protection Fund

Interpretation41

1

In this Part—

  • “administration levy” is a levy imposed in accordance with Article 103(1) of the 2005 Order;

  • admissible rules” has the meaning given by paragraph 35(2) M1 of Schedule 6 to the 2005 Order (scheme rules, admissible rules etc);

  • assessment date” has the meaning given by Article 126(1) of the 2005 Order (Articles 124 and 125: interpretation);

  • employer” has the meaning given by Article 2(2) of the 2005 Order (general interpretation), including the extensions to that meaning made by—

    1. a

      regulation 1(3) M2 of the Entry Rules Regulations (citation, commencement and interpretation), and

    2. b

      in relation to a non-segregated scheme or a multi-employer section of a segregated scheme, regulation 1(4) M3 of those Regulations;

  • the Entry Rules Regulations” means the Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 M4;

  • fraud compensation levy” has the same meaning as in Article 171(1) of the 2005 Order;

  • the Fraud Compensation Levy Regulations” means the Occupational Pension Schemes (Fraud Compensation Levy) Regulations (Northern Ireland) 2006 M5;

  • initial levy” has the same meaning as in Article 157(1) of the 2005 Order;

  • non-segregated scheme” has the meaning given by regulation 1(3) of the Entry Rules Regulations;

  • the PPF Miscellaneous Regulations” means the Pension Protection Fund (General and Miscellaneous Amendments) Regulations (Northern Ireland) 2006 M6;

  • pension protection levy” has the meaning given by Article 158(1) of the 2005 Order;

  • the relevant Pension Protection Fund provisions” means—

    1. a

      Part 3 of the 2005 Order (the Board of the Pension Protection Fund) (except Article 156(6) of that Order (relationship with fraud compensation regime)) and any instrument made under that Part;

    2. b

      Schedule 4 (the Board of the Pension Protection Fund) and Schedule 6 (pension compensation provisions) to the 2005 Order and any instrument made under those provisions, and

    3. c

      Chapter 1 of Part 3 (pension compensation on divorce etc.) of, and Schedule 4 (pension compensation payable on discharge of pension compensation credit) to, the Pensions (No. 2) Act (Northern Ireland) 2008 M7 and any instrument made under those provisions;

    4. d

      any provision corresponding to the provisions mentioned in paragraph (a), (b) or (c) in force in Great Britain;

  • relevant time” means the date in relation to which the value of the assets and liabilities of the eligible scheme is calculated;

  • segregated scheme” has the same meaning as in regulation 1(2) of the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations (Northern Ireland) 2005 M8;

  • the Valuation Regulations” means the Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005 M9.

2

Where, by virtue of any provision of regulations made under Article 280(1) of the 2005 Order, the relevant Pension Protection Fund provisions apply or applied to a scheme as if a section or segregated part of an occupational pension scheme were a separate scheme—

a

this Part also so applies, and

b

“admissible rules”, “employer”, “scheme rules”, “trustees or managers of the scheme” and “member” must be read accordingly.