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—

    1. a

      a qualifying member or, after that qualifying member’s death, the survivor and surviving dependants of that qualifying member; and

    2. 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—

    1. a

      show a true and fair view of—

      1. i

        the financial transactions of the scheme during the period to which the accounts relate (“the accounting period”);

      2. ii

        the amount and disposition of the assets at the end of the accounting period; and

      3. iii

        the liabilities of the scheme, other than the liabilities to pay pensions and benefits after the end of the accounting period;

    2. b

      are in such manner and form as the scheme manager may request;

    3. 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

    4. 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),