In these Regulations—

• “the 1995 Act” means the Pensions Act 1995;

• “the 2004 Act” means the Pensions Act 2004;

• “earmarked scheme” means a money purchase scheme under which all the benefits are secured by one or more insurance policies specifically allocated to the provision of benefits to or in respect of individual members;

• “effective date” means the date by reference to which the scheme's assets are valued and liabilities calculated by the person specified in Regulation 6;

• “excluded person” means a deferred member or pension credit member whose current address is not known to the trustees or managers of the scheme, and in respect of whom correspondence sent to the last known address of such a member, by the trustees or managers, has been returned;

• “freezing order” has the meaning given in section 23(3) of the 2004 Act (freezing orders);

• “insurance policy” means—

  1. a

     in relation to an earmarked scheme a contract on human life or a contract of annuity on human life; and

  2. b

     in any other case, a contract on human life or a contract of annuity on human life, but excluding a contract which is linked to investment funds;

• F1“money purchase benefits” has the meaning given by section 181(1) of the Pension Schemes Act 1993 (general interpretation);

• “money purchase scheme” means a pension scheme under which all the benefits that may be provided, other than death benefits, are money purchase benefits;

• “regulatory own funds scheme” means a scheme in which the scheme, and not any employer in relation to that scheme—

  1. a

     underwrites any liability to cover against biometric risk;

  2. b

     guarantees an investment performance; or

  3. c

     guarantees a level of benefits;

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

  1. a

     comply with the requirements imposed under section 41 of the 1995 Act M1 (provision of documents for members); and

  2. b

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

• “valuation certificate” means a valuation certificate which complies with regulation 7.