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The Occupational Pension Schemes (Regulatory Own Funds) Regulations (Northern Ireland) 2005

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Interpretation

2.—(1) In these Regulations—

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

“the 1995 Order” means the Pensions (Northern Ireland) Order 1995(1);

“actuarial valuation” has the meaning given by Article 203(2)(a) (actuarial valuations and reports);

“the actuary”, in relation to a scheme, means the actuary appointed under Article 47(1)(b) of the 1995 Order (professional advisers) in relation to that scheme;

“biometric risk”(2) means liability risks linked to death, disability and longevity;

“the commencement date” means 30th December 2005;

“the effective date” of an actuarial valuation is the date by reference to which the assets are valued and the technical provisions and regulatory own funds requirement calculated;

“employer” has the meaning given by Article 2(2) (general interpretation);

“the Regulator” means the Pensions Regulator(3);

“the regulatory own funds requirement” has the meaning given by regulation 3;

“the relevant accounts” of a scheme are audited accounts for the scheme—

(a)

which comply with the requirements imposed under Article 41 of the 1995 Order(4) (provision of documents for members), and

(b)

which are prepared for the purpose of an actuarial valuation in respect of a period ending with the effective date of the valuation;

“schedule of contributions” has the meaning given by Article 206(2) (schedule of contributions);

“the Scheme Funding Regulations” means the Occupational Pension Schemes (Scheme Funding) Regulations (Northern Ireland) 2005(5);

“the Taxes Act” means the Income and Corporation Taxes Act 1988(6);

“technical provisions” has the meaning given by Article 201(2) (schedule of contributions).

(2) In these Regulations, any reference to a numbered Article is a reference to the Article of the Order bearing that number.

(3) The Interpretation Act (Northern Ireland) 1954(7) shall apply to these Regulations as it applies to an Act of the Assembly.

(2)

Under Article 6 of Directive 2003/41/EC of 3rd June 2003 on the activities and supervision of institutions for occupational retirement provision “biometrical risks” are defined as meaning risks linked to death, disability and longevity; there is no definition in the Directive of the term “biometric risk” which appears in Article 17 of the Directive

(3)

See section 1 of the Pensions Act 2004 (c. 35)

(4)

Article 41 was amended by paragraph 10(1) of Schedule 5 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4 (N.I.)) and paragraph 22 of the Schedule to S.R. 2005 No. 434 and is amended by paragraph 46 of Schedule 10, and Schedule 11, to the Pensions (Northern Ireland) Order 2005

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