““actuary” means—

(a)

the actuary mentioned in section 47(1)(b) of the 1995 Act (professional advisers); or

(b)

in relation to a scheme to which that section does not apply—

1. (i)
   a Fellow of the Faculty of Actuaries7;
2. (ii)
   a Fellow of the Institute of Actuaries8; or
3. (iii)

   a person with other actuarial qualifications who is approved, at the request of the trustees of the scheme in question, by the Secretary of State as being a proper person to act for the purposes of these Regulations in connection with that scheme;”;

““discount rates” means the interest rates used to discount future payments of benefit for the purposes of placing a current value on them;”;

““initial cash equivalent” means the amount calculated in accordance with regulation 7(1)(a);”;

““insufficiency report” means the actuary’s last relevant report before the guarantee date prepared in accordance with Schedule 1B (insufficiency reports);”;

““insufficiency report liabilities” has the meaning given in paragraph 7 of Schedule 1B;”;

““insurance policy” means an insurance policy which is a contract on human life or a contract of annuity on human life, but excluding a contract which is linked to investment funds;”;

““salary related benefits” means benefits that are not money purchase benefits;”;

““statement of entitlement” has the meaning given in section 93A(1) of the 1993 Act (salary related schemes: right to statement of entitlement);”;

““effective date” means the date as at which the assets and liabilities are valued for the purposes of the insufficiency report;”;

““member” has the meaning given in section 124(1) of the 1995 Act (interpretation);”; and