The Pension Protection Fund (Closed Schemes) Regulations (Northern Ireland) 2007

1.  In this Schedule—

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

“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);

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

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

“pre-6th April 1997 contract of insurance” means a contract of insurance that—

(a)

falls within the definition of a relevant contract of insurance in Article 145(8) (effect of Board assuming responsibility for a scheme);

(b)

was taken out before 6th April 1997, and

(c)

the trustees or managers are, or should reasonably be aware of;

“relevant accounts” for the purposes of identifying and valuing the assets of a scheme, means audited accounts for the scheme which—

(a)

contain the information specified in Part 2 of this Schedule;

(b)

show a true and fair value of—

(i)

the financial transactions of the scheme during the period to which the accounts relate (“the accounting period”);

(ii)

the amount and disposition of the assets at the end of the accounting period, and

(iii)

the liabilities of the scheme, other than the liabilities to pay pensions and benefits, after the end of the accounting period;

(c)

include a report by the auditor in writing as to whether or not in his opinion the requirements of paragraphs (a) and (b) are satisfied, and

(d)

are prepared in respect of a period ending with the effective date of the valuation;

“restoration order” has the meaning given by Article 48 (restoration orders where transactions at an undervalue).

(1)

Article 75 was amended by Article 248 of the Pensions (Northern Ireland) Order 2005 and is modified in its application to multi-employer schemes by S.R. 2005 No. 168 as amended by S.R. 2005 No. 387

(2)

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