The Postal Services Act 2011 (Transfer of Assets) Order 2012

Citation, commencement and interpretation

1.—(1) This Order may be cited as the Postal Services Act 2011 (Transfer of Assets) Order 2012.

(2) Article 1(1) and (2) will come into force on 31 March 2012, and articles 1(3) and 2 to 9 will come into force on a day to be specified by Order made under section 25(4) and (5) of the Postal Services Act 2011.

(3) In this Order—

“Adjusted Final Transfer Amount” means the Final Transfer Amount adjusted in accordance with whichever of paragraphs 9 or 12 of Schedule 6 (assets comprising the transfers) applies;

“Amended RMPP Rules” means the trust deed and rules governing the RMPP as amended by article 11 but not article 13 of the Benefits Order;

“Associated Liability” means any liability related to an Asset or Claim (where Asset has the meaning given in Schedule 5 (further provision about transfer of assets));

“Benefits Order” means the Postal Services Act 2011 (Transfer of Accrued Pension Rights) Order 2012(1);

“Claim” has the meaning given in Schedule 5;

“Cut-Off Date” and “Effective Date” both mean 31 March 2012;

“Estimated Final Transfer Amount” is the amount calculated in accordance with paragraph 9 of Schedule 1;

“Estimated Final Transfer Amount Portfolio” has the meaning given in paragraph 4 of Schedule 6;

“Final Transfer” has the meaning given in article 6(a);

“Final Transfer Amount” is the amount calculated in accordance with paragraph 10 of Schedule 1;

“Final Transfer Date” means the fifth business day after the day on which the Government Actuary verifies that the calculation of the Final Transfer Amount is complete in accordance with article 3(b);

“Fund” means BIS (Postal Services Act 2011) Company Limited (registered number 7941521);

“Fund Subsidiary” means BIS (Postal Services Act 2011) B Company Limited (registered number 7970529);

“Gilts” means stock or bonds of any of the descriptions included in Part I of Schedule 11 to the Finance Act 1942(2);

“Government Actuary” means the Government Actuary or the Deputy Government Actuary;

“Interim Transfer” has the meaning given in article 5(a);

“Interim Transfer Amount” is the amount calculated in accordance with paragraph 8 of Schedule 1;

“money purchase benefits” has the meaning given by the words used to define “money purchase benefits” at section 181 of the Pension Schemes Act 1993(3) read together with section 29 of the Pensions Act 2011(4);

“Transfer” is the Interim Transfer or the Final Transfer, as the case may be, and “Transfers” means both of them; and

“Trustee” means Royal Mail Pensions Trustees Limited or such other person who is trustee of the RMPP as at the applicable time.

(1)

S.I. No. 2012/687.

(2)

1942 c.21. Part 1 of Schedule 11 was amended by the Finance Act 1963 (c.25), Schedule 14, Part 7; the National Loans Act 1968 (c.13), Schedule 6, Part 2); the Statute Law (Repeals) Act 1986 (c.12), Schedule 1, Part 2; and the Finance Act 1989 (c.26), Schedule 17, Part 14.

(3)

1993 c.48.

(4)

2011 c.19.