The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations (Northern Ireland) 2005

Closed schemes

9.—(1) Article 137 (closed schemes) applies as if –

(a) in paragraph (3), for “in respect of the scheme” there were substituted “in respect of the unsecured part”; and

(b) in paragraph (7), in the definition of “full buy-out quotation” –

(i) for “a scheme” there were substituted “an unsecured part”; and

(ii) for “member of the scheme” there were substituted “member of the unsecured part”.

(2) Article 140 (valuations of closed schemes) applies as if –

(a) in paragraph (1), for “actuarial valuations of the scheme” there were substituted “actuarial valuations of the unsecured part”;

(b) in paragraph (5), for “actuarial valuation of the scheme” there were substituted “actuarial valuation of the unsecured part”, and

(c) in paragraph (6) –

(i) for the definition of “actuarial valuation” there were substituted the following definition –

““actuarial valuation” means a written valuation of –

(a)

the assets of the unsecured part,

(b)

the full liabilities, and

(c)

the protected liabilities in relation to the unsecured part,

prepared and signed by the actuary;”.

(ii) for the definition of “full scheme liabilities” there were substituted the following definition –

““full liabilities” means –

(a)

the liabilities under the scheme rules to or in respect of members of the unsecured part,

(b)

other liabilities of the unsecured part, and

(c)

the estimated cost of winding up the unsecured part;”.