• “actuary” means—

  1. a

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

  2. 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);