PART 2Amendment of the FAS Regulations
Amendment of Part 14
In regulation 2 (interpretation)—
a
in the definition of “annual payment”, for “regulation 17 or 17C and Schedule 2” substitute “regulation 17, 17C or 17E and Schedule 2, 3 or 4”;
b
after the definition of “annual payment” insert—
“asset share” in respect of a person means the assets available to discharge the liability of the scheme in respect of that person as determined in accordance with regulation 22(2), or, where it applies, regulation 28(1);
c
for the definition of “beneficiary” substitute—
“beneficiary” means—
- a
a qualifying member or, after that qualifying member’s death, the survivor and surviving dependants of that qualifying member; and
- b
any person entitled to a payment in accordance with regulation 17G(1);
d
after the definition of “beneficiary” insert—
“calculation date” means the last day of the month in which the scheme manager instructs the trustees or managers of a qualifying pension scheme to obtain a valuation under regulation 22;
e
in the definition of “ill health payment” for “Schedule 2A” substitute “Schedules 2A, 5 and 6”;
f
in the definition of “indexation date”, before “an annual payment” insert “a payment under regulation 17G, a payment under regulation 17H,”
g
after the definition of “multi-employer scheme” insert—
“notional pension” means the annual rate of annuity determined in accordance with regulation 27(1)(a);
“the Ombudsman” means the PPF Ombudsman or any person appointed under section 210(1) (deputy PPF Ombudsmen) to act as a deputy to the PPF Ombudsman;
h
after the definition of “qualifying pension scheme” insert—
“relevant accounts” for the purposes of identifying and valuing the assets of a scheme, means the audited accounts for the scheme which—
- a
show a true and fair view of—
- i
the financial transactions of the scheme during the period to which the accounts relate (“the accounting period”);
- ii
the amount and disposition of the assets at the end of the accounting period; and
- iii
the liabilities of the scheme, other than the liabilities to pay pensions and benefits after the end of the accounting period;
- b
are in such manner and form as the scheme manager may request;
- c
include a report by the auditor in writing as to whether or not in the auditor’s opinion the requirements in paragraphs (a) and (b) above are satisfied; and
- d
are prepared in respect of the period ending with the calculation date;
i
after the definition of “scheme manager” insert—
“scheme rules” means the rules of the qualifying pension scheme;
j
after the definition of “survivor” insert—
“survivor notional pension” means the annual rate of annuity determined in accordance with regulation 27(1)(c);
k
after the definition of “tax approved scheme” insert—
“transfer notice” means the notice given under regulation 29;
l
after the definition of “trustees or managers” insert—
“valuation actuary” has the meaning given in regulation 22(5),