The Financial Assistance Scheme (Provision of Information and Administration of Payments) Regulations 2005

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InterpretationU.K.

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2.—(1) In these Regulations—

[F1“the 2009 Regulations” means the Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009;

“the Act” means the Pensions Act 2004;]

“the FAS Regulations” means the Financial Assistance Scheme Regulations 2005;

F2...

“appropriate person” means, in relation to an occupational pension scheme—

(a)

a trustee or manager of the scheme or, where the scheme has fully wound up, a former trustee or manager of that scheme;

(b)

a professional adviser in relation to the scheme or, where the scheme has fully wound up, a former professional adviser in relation to that scheme;

(c)

in relation to a scheme which has fully wound up, any insurance company which is paying annuities to former members of that scheme; and

(d)

any other person appearing to the scheme manager to be a person who holds, or is likely to hold, information relevant to—

(i)

whether an occupational pension scheme is a qualifying pension scheme; or

(ii)

a qualifying member's entitlement to an annual payment under the FAS Regulations and the amount of such a payment;

“beneficiary” means a qualifying member or, after his death, his survivor [F3and surviving dependants];

“member” includes—

(a)

a person who was entitled to a present payment from a qualifying pension scheme immediately before the scheme began to wind up where—

(i)

that payment was attributable to the pensionable service of a former member of that scheme who has died; and

(ii)

[F4the scheme’s pension liabilities in respect of that person have not been satisfied in full;]

(b)

a person who is entitled to, but not in receipt of, a present payment from a qualifying pension scheme where that payment would have been attributable to the pensionable service of a former member of that scheme who died on or after the day on which the scheme began to wind up; and

(c)

a person who became a pension credit member of the scheme on or after the day on which the scheme began to wind up,

and for the purposes of this definition, the day on which the scheme began to wind up shall be determined in accordance with regulation 3 of the FAS Regulations;

“normal retirement age” means, [F5except in paragraph 1(3) of Schedule 1,] in relation to a member of an occupational pension scheme, the age specified in the rules of that scheme at which that member will normally retire;

“personal representative” means the executor, original or by representation, or administrator for the time being of a deceased person;

[F6“potential beneficiary” means any person

(a)

in respect of whom the information determined in accordance with the fourth item of the table in paragraph 1(2) of Schedule 1 is to be provided to [F7 in accordance with regulation 3(3)(a) to the scheme manager or a person with whom the scheme manager has made arrangements under paragraph 18 of Schedule 5 to the Act]; but

(b)

who has not yet been determined to be a beneficiary;]

“qualifying member” shall be construed in accordance with regulation 15 of the FAS Regulations;

“qualifying pension scheme” shall be construed in accordance with regulation 9 of the FAS Regulations;

“scheme manager” shall be construed in accordance with regulation 5 of the FAS Regulations;

[F8“scheme’s pension liabilities”, in respect of a member of a qualifying pension scheme, means the liabilities of the scheme to, or in respect of, the member in respect of pensions or other benefits (including increases in pensions);]

[F9 “surviving dependant” shall be construed in accordance with regulation 16B of the FAS Regulations;

“survivor” shall be construed in accordance with regulation 16A of the FAS Regulations;]

and other expressions have the meaning given to them in the Pensions Act 2004 or, as the case may be, in the Pensions (Northern Ireland) Order 2005 M1.

[F10(1A) In the definition of “normal retirement age” in paragraph (1), “the rules of that scheme” means the rules of the occupational pension scheme on the date on which benefits ceased to accrue to that member.

(1B) Subject to paragraph (1C), in these Regulations “appointed representative” means a person—

(a)whose name and address, and those appointment by a beneficiary or potential beneficiary for the purposes of providing information to the scheme manager under regulation 4, have been notified to the scheme manager in a document signed by the beneficiary or potential beneficiary in question or by the legal representative of the beneficiary or potential beneficiary; and

(b)whose appointment has been consented to by the scheme manager.

(1C) Subject to paragraph (1D), where a beneficiary or a potential beneficiary is a child aged less than 18, the scheme manager may regard—

(a)a parent of the child;

(b)a person with parental responsibility within the meaning of section 3 of the Children Act 1989 in relation to the child;

(c)a person with parental responsibility or parental rights under the Children (Scotland) Act 1995 in relation to the child; or

(d)a person with parental responsibility within the meaning of Article 6 of the Children (Northern Ireland) Order 1995 in relation to the child,

as the appointed representative of that child.

(1D) Where—

(a)no person referred to in paragraph (1C)(a) to (d) is known to the scheme manager, the scheme manager may appoint a person to act as the appointed representative of a child;

(b)more than one person referred to in paragraph (1C)(a) to (d) wishes to act as the child’s representative for the purposes of these Regulations, the scheme manager may appoint one of those persons as the appointed representative of that child.

(1E) In—

(a)regulation 3(3)(a) (information to be provided by, and to, appropriate persons);

(b)regulation 4 (information to be provided by beneficiaries and potential beneficiaries and their personal representatives);

(c)regulation 5 (method of providing information);

(d)regulation 6(1) (insufficient or unsuitable information); and

(e)paragraph 1(2) of Schedule 1 (information to be provided by appropriate persons),

a reference to the scheme manager includes a reference to a person with whom the scheme manager has made arrangements under paragraph 18 of Schedule 5 to the Act and who is authorised by the scheme manager to be the person to whom information is to be provided in accordance with these Regulations.]

(2) For the purposes of the definition of “appropriate person” in paragraph (1), “insurance company” means—

(a)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 M2 to effect or carry out contracts of long-term insurance; F11...

(b)F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

and in this paragraph, “contracts of long-term insurance” means contracts which fall within Part 2 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M3.

(3) Paragraph (2) shall be read with—

(a)section 22 of Financial Services and Markets Act 2000 (regulated activities);

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.

Textual Amendments

F1Words in reg. 2(1) inserted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 32(2)(a)(i)

F2Words in reg. 2(1) omitted (10.7.2009) by virtue of The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 32(2)(a)(ii)

F3Words in reg. 2(1) inserted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 32(2)(a)(iii)

F4Words in reg. 2(1) inserted (1.4.2010) by The Pensions Act 2008 (Commencement No. 7 and Saving, Consequential and Incidental Provisions) Order 2010 (S.I. 2010/1145), art. 4(2)(a)(3)

F5Words in reg. 2(1) inserted (17.7.2008) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2008 (S.I. 2008/1903), regs. 1, 17

F6Words in reg. 2(1) substituted (24.11.2005) by Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 6(2)(a)

F7Words in reg. 2(1) substituted (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 32(2)(a)(iv)