The Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005 and shall come into operation on 6th April 2005.

(2) In these Regulations –

“the Order” means the Pensions (Northern Ireland) Order 2005;

“appropriate person” in the case of an Article 127 valuation, means the person specified in Article 127(11)(a)(ii) of the Order and, in the case of an Article 162 valuation means the actuary as defined in Article 162(2) of the Order;

“Article 127 valuation” means an actuarial valuation under that Article of the Order;

“Article 162 valuation” means an actuarial valuation under that Article of the Order;

“Article 75 debt” means so much of the amount treated by Article 75 of the 1995 Order(1) (deficiencies in the assets) as a debt due from the employer to the trustees or managers at the applicable time;

“commencement date” means 6th April 2005;

“contribution notice” means a notice issued under Article 34 (contribution notices where avoidance of employer debt), 43 (contribution notices where non-compliance with financial support direction) or 51 (contribution notice where failure to comply with restoration order) of the Order;

“eligible scheme” has the meaning given by Article 110 of the Order (eligible schemes);

“employer” in relation to an occupational pension scheme which has no active members, except in relation to a multi-employer scheme, or a section of a multi-employer scheme, includes every person who was the employer of persons in the description of employment to which the scheme relates immediately before the time at which the scheme ceased to have any active members in relation to it;

“employer” in relation to a multi-employer scheme, or a section of a multi-employer scheme includes –

(a)

in the case of a scheme which has no active members, every person who was the employer of persons in the description of employment to which the scheme, relates immediately before the time at which the scheme, or section ceased to have any active members in relation to it unless, after that time –

(i)

an Article 75 debt becomes due from that person to the scheme, or section; and

(ii)

either –

(aa)

the full amount of the debt has been paid by that person to the trustees or managers of the scheme, or section, or

(bb)

in circumstances where a legally enforceable agreement has been entered into between that person and the trustees or managers of the scheme, or section, the effect of which is to reduce the amount which is payable in respect of the debt, the reduced amount of the debt has been paid in full by that person to those trustees or managers; and

(b)

in any other case, any person who has ceased to be the employer of persons in the description of employment to which the scheme, or section relates unless –

(i)

at the time when he so ceased the scheme, or section, was not being wound up and continued to have active members in relation to it; and

(ii)

an Article 75 debt became due at that time from that person to the scheme, or section and either –

(aa)

the full amount of the debt has been paid by that person to the trustees or managers of the scheme or section, or

(bb)

in circumstances where a legally enforceable agreement has been entered into between that person and the trustees or managers of the scheme or section, the effect of which is to reduce the amount which is payable in respect of the debt, the reduced amount of the debt has been paid in full by that person to those trustees or managers.

“employment” means trade, business, profession, office or vocation;

“external liabilities” means any liabilities which do not fall due to the members of the scheme;

“financial support direction” means a direction issued under Article 39 of the Order (financial support directions);

“pension credit rights” has the meaning given by Article 121(1) of the 1995 Order(2) (interpretation of Part II);

“registrable scheme” has the meaning given by Article 55(5) of the Order (registrable information);

“relevant accounts” means –

(a)

audited accounts for the scheme which are prepared in respect of a period ending with the relevant time;

(b)

if none are so prepared, the latest such accounts which are available at the relevant time; or

(c)

if the appropriate person’s opinion is that it is practicable to use them, the latest such accounts which are available on the date the appropriate person signs the Article 127 or Article 162 valuation;

“relevant time” for the purposes of Article 162 of the Order, means the date in relation to which the assets and liabilities of the eligible scheme are calculated;

“restoration order” has the meaning given by Article 48 of the Order (restoration orders where transactions at an undervalue); and

“restricted information” has the meaning given in Article 179 of the Order (restricted information).

(1)

Article 75 is amended by Article 248 of the Pensions (Northern Ireland) Order 2005

(2)

The definitions of “pension credit”, “pension credit member” and “pension credit rights” were inserted by paragraph 50(3) of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11))