The Financial Assistance Scheme Regulations 2005

Interpretation U.K.

2.—(1) In these Regulations—

M1 “the Act” means the Pensions Act 2004 and references to a numbered section are, unless the context otherwise requires, to a section of the Act;

M2 “the Northern Ireland Order” means the Pensions (Northern Ireland) Order 2005 and references to a numbered Article are, unless the context otherwise requires, to an Article of that Order;

M3 “the 1993 Act” means the Pension Schemes Act 1993;

M4 “the 1995 Act” means the Pensions Act 1995;

M5 “the FSMA” means the Financial Services and Markets Act 2000 ;

M6 “the ICTA” means the Income and Corporation Taxes Act 1988;

[F1 “the FAS Information and Payments Regulations” means the Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 2005;]

“the Commissioners of HMRC” means the Commissioners of Her Majesty's Revenue and Customs;

“annual payment” means the amount payable to a beneficiary in respect of each year determined in accordance with regulation 17 and Schedule 2;

“beneficiary” means a qualifying member or, after his death, his survivor;

“initial payment” means a payment made to a beneficiary in accordance with regulation 18;

[F2 “multi-employer scheme” means an occupational pension scheme in relation to which there is or has been—

(a)

a principal employer and at least one employer (who is not the principal employer in relation to that scheme); or

(b)

more than one employer,

at the same time;]

F3 ...

[F4 “principal employer” has the meaning given in regulation 12(6)]

“qualifying member” shall be construed in accordance with regulation 15;

“qualifying pension scheme” shall be construed in accordance with regulation 9;

[F5 “relevant public authority” has the meaning given in section 307(4) or, as the case may be, Article 280(4);]

“scheme manager” shall be construed in accordance with regulation 5;

“survivor” means, in relation to a member [F6 or former member] of a qualifying pension scheme who has died—

(a)

the member's widow or widower; or

(b)

the member's surviving civil partner,

but shall not include a person who comes within paragraph (a) or (b) but who is regarded as a qualifying member by virtue of regulation 15(5);

M7 “tax approved scheme” means a scheme which is approved or was formerly approved under section 590 (conditions for approval of retirement benefit schemes) or 591 (discretionary approval) of the ICTA or in respect of which an application for such approval has been duly made but has not been determined;

“trustees or managers” shall be construed in accordance with the definition in section 124(1) of the 1995 Act,

and other expressions have the meaning given to them in the Act or, as the case may be, in the Northern Ireland Order.

(2) References in these Regulations to provisions of the 1993 Act, the 1995 Act, the Welfare Reform and Pensions Act 1999 M8 and to the Social Security Contributions and Benefits Act 1992 M9 include references to the provisions in force in Northern Ireland corresponding to those provisions.

(3) In these Regulations, “insurance company” means—

(a) a person who has permission under Part 4 of the FSMA to effect or carry out contracts of long-term insurance; or

(b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act (certain direct insurance undertakings) which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance,

and in this paragraph, “contracts of long-term insurance” means contracts which fall within Part 2 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001M10 .

(4) Paragraph (3) shall be read with—

(a) section 22 of the FSMA (regulated activities);

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.

F7 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) [F8 Subject to paragraph (8), in these Regulations,] “appointed representative” means—

(a) a person whose name, address and appointment by a beneficiary or by a person who believes himself to be a beneficiary (“[F9 possible] beneficiary”) for the purposes of—

(i) notifying the scheme manager of the details prescribed in regulation 14(1) and (3); or

(ii) receiving payments made under these Regulations,

have been notified to the scheme manager in a document signed by the beneficiary or [F9 possible] beneficiary in question or by his legal representative and whose appointment has been consented to by the scheme manager; or

(b) where a beneficiary or a [F9 possible] beneficiary—

(i) dies; or

(ii) is otherwise incapable of acting for himself,

and there is no person appointed under sub-paragraph (a) in respect of that beneficiary or [F9 possible] beneficiary, a person who has been appointed by the scheme manager to act as the beneficiary's or the [F9 possible] beneficiary's representative for the purposes of these Regulations.

[F10 (8) If a beneficiary or a possible beneficiary appoints a person under sub-paragraph (a) of paragraph (7), and then—

(a) dies, or

(b) becomes otherwise incapable of acting for himself,

the person appointed under sub-paragraph (a) of that paragraph is deemed to have been appointed under sub-paragraph (b) of that paragraph.

(9) For the purposes of these Regulations, a person is “terminally ill” at any time if at that time he suffers from a progressive disease and his death, in consequence of that disease, can reasonably be expected within six months.]

Textual Amendments

F1 Words in reg. 2(1) inserted (16.12.2006) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 3(a)

F2 Words in reg. 2(1) substituted (16.12.2006) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 3(b)

F3 Words in reg. 2(1) omitted (16.12.2006) by virtue of The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 3(c)

F4 Words in reg. 2(1) inserted (16.12.2006) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 3(d)

F5 Words in reg. 2(1) inserted (16.12.2006) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 3(e)

F6 Words in reg. 2(1) inserted (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 4(2)(a)

F7 Reg. 2(5)(6) omitted (19.12.2007) by virtue of The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3581), regs. 1(1), 3

F8 Words in reg. 2(7) substituted (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 4(2)(b)(i)

F9 Word in reg. 2(7) substituted (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 4(2)(b)(ii)

F10 Reg. 2(8)(9) added (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 4(2)(c)

Modifications etc. (not altering text)

C1 Reg. 2(7)(a) applied (29.11.2005) by The Financial Assistance Scheme (Appeals) Regulations 2005 (S.I. 2005/3273), regs. 1(1), 27(3)

Marginal Citations

M1 The Act is modified in its application to partially guaranteed pension schemes by S.I.2005/277, in its application to multi-employer schemes by S.I. 2005/441 and in its application to hybrid schemes by S.I.2005/449.

M2 S.I.2005/255 (N.I.1). The Northern Ireland Order is modified in its application to partially guaranteed pension schemes by S.R.2005/55, in its application to hybrid schemes by S.R.2005/84 and in its application to multi-employer schemes by S.R.2005/91.

M3 1993 c. 48.

M4 1995 c. 26.

M5 2000 c. 8.

M6 1988 c. 1.

M7 Sections 590 and 591 are amended by the Finance Act 1988 (c. 39), section 35 and Schedule 3, the Finance Act 1989 (c. 26), sections 75 and 187 and Schedules 6 and 17, the Finance Act 1991 (c. 31), sections 34, 36 and 123 and Schedule 19, the Finance Act 1994 (c. 9), section 107, the Finance Act 1995 (c. 4), section 59 and the Finance Act 1999 (c. 16), section 79 and Schedule 10.

M8 1999 c. 30.

M9 1992 c. 4.

M10 S.I.2001/544.