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The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations (Northern Ireland) 2008

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Amendment of regulation 1 of the principal Regulations

2.  In regulation 1(2) of the principal Regulations (interpretation)—

(a)after the definition of “the Act” insert—

“actuary” means—

(a)

the actuary mentioned in Article 47(1)(b) (professional advisers); or

(b)

in relation to a scheme to which that Article does not apply—

(i)

a Fellow of the Faculty of Actuaries(1);

(ii)

a Fellow of the Institute of Actuaries(2); or

(iii)

a person with other actuarial qualifications who is approved, at the request of the trustees of the scheme in question, by the Department as being a proper person to act for the purposes of these Regulations in connection with that scheme;;

(b)omit the definition of “the Board for Actuarial Standards”(3);

(c)after the definition of “cash equivalent” insert—

“discount rates” means the interest rates used to discount future payments of benefit for the purposes of placing a current value on them;;

(d)for the definition of “effective date”(4) substitute—

“effective date” means the date as at which the assets and liabilities are valued for the purposes of the insufficiency report;;

(e)after the definition of “the guarantee date” insert—

“initial cash equivalent” means the amount calculated in accordance with regulation 7(1)(a);

“insufficiency report” means the actuary’s last relevant report before the guarantee date prepared in accordance with Schedule 1B;

“insufficiency report liabilities” has the meaning given in paragraph 7 of Schedule 1B;

“insurance policy” means an insurance policy which is a contract on human life or a contract of annuity on human life, but excluding a contract which is linked to investment funds;;

(f)for the definition of “member” substitute—

“member” has the meaning given to that expression in Article 121(1)(5);;

(g)in the definition of “the Regulatory Authority” for “the Occupational Pensions Regulatory Authority” substitute “the Pensions Regulator(6)”;

(h)after the definition of “the relevant date” insert—

“salary related benefits” means benefits which are not money purchase benefits;;

(i)omit the definition of “scheme actuary”;

(j)after the definition of “section 5(2B) rights” insert—

“statement of entitlement” has the meaning given in section 89A(1);.

(1)

The Faculty of Actuaries can be contacted at MacLaurin House, 18 Dublin Street, Edinburgh EH1 3PP

(2)

The Institute of Actuaries can be contacted at Staple Inn Hall, High Holborn, London WC1V 7QJ

(3)

The definition of “the Board for Actuarial Standards” was inserted by paragraph 5(a) of the Schedule to S.R. 2007 No. 64

(4)

The definition of “effective date” was inserted by regulation 2(2) of S.R. 2003 No. 337

(5)

The definition of “member” in Article 121(1) was amended by paragraph 50(2) of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999

(6)

The Pensions Regulator is established by section 1 of the Pensions Act 2004 (c. 35); see also Article 6(1) of the Pensions (Northern Ireland) Order 2005 which transferred the functions of the Occupational Pensions Regulatory Authority to the Pensions Regulator

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