2.—(1) The Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005(1) shall be amended in accordance with paragraphs (2) to (7).
(2) In regulation 1(2) (interpretation)—
(a)after the definition of “the assessment date”(2) insert—
““EEA agreement” means the agreement on the European Economic Area signed at Oporto on 2nd May 1992, together with the Protocol adjusting that Agreement signed at Brussels on 17th March 1993, as modified or supplemented from time to time;
“EEA credit institution” means a credit institution, authorised under Directive 2006/48/EC of the European Parliament and of the Council dated 14th June 2006 relating to the taking up and pursuit of the business of credit institutions(3), which has its relevant office in an EEA state other than the United Kingdom;
“EEA insurer” means an undertaking, other than a UK insurer, pursuing the activity of direct insurance (within the meaning of Article 2 of the life insurance directive or Article 1 of the first non-life insurance directive) which has received authorisation under Article 4 of the life insurance directive or Article 6 of the first non-life insurance directive from its home state regulator;
“EEA regulator” means a competent authority (within the meaning of Article 1(1) of the life insurance directive or Article 1(k) of the third non-life insurance directive) of an EEA state;
“EEA state”, in relation to any time, means—
a state which at that time is a member State, or
any other state which at that time is a party to the EEA agreement;
“the first non-life insurance directive” means Council Directive 73/239/EEC of 24th July 1973 on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct insurance other than life assurance(4);
“home state regulator” means the relevant EEA regulator in the EEA state where the EEA insurer’s head office is located;”;
(b)after the definition of “the Insolvency Rules” insert—
““the life insurance directive” means Directive 2002/83/EC of the European Parliament and of the Council dated 5th November 2002 concerning life assurance(5);”;
(c)after the definition of “public body” insert—
““relevant office” means—
in relation to a body corporate, its registered office or, if it has no registered office, its head office, and
in relation to a person other than a body corporate, the person’s head office;”;
(d)after the definition of “tax registered scheme”(6) insert—
““the third non-life insurance directive” means Council Directive 92/49/EEC of 18th June 1992 on the co-ordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC(7);
“UK insurer” means a person who has permission under Part IV of the FSMA 2000 (permission to carry on regulated activities) to effect or carry out contracts of insurance, but does not include a person who, in accordance with that permission, carries on that activity exclusively in relation to reinsurance contracts.”.
(3) In regulation 7(8)(applications and notifications to the Board)—
(a)at the end of paragraph (b) omit “or”;
(b)after paragraph (c) add—
“(d)an EEA credit institution, or
(e)an EEA insurer.”.
(4) In regulation 7A(2)(9) (applications and notifications to the Board – multi-employer schemes)—
(a)at the end of sub-paragraph (b) omit “or”;
(b)after sub-paragraph (c) add—
“(d)an EEA credit institution, or
(e)an EEA insurer.”.
(5) In regulation 10 (confirmation of scheme status by Board)—
(a)in paragraph (1) after “regulation 7” insert “or 7A”;
(b)in paragraph (3)(a) after “is a company” insert “, an EEA credit institution or an EEA insurer”;
(c)in paragraph (3)(c) after “is a partnership” insert “but is not an EEA credit institution or an EEA insurer”.
(6) In regulation 17(2) (payment of scheme benefits)—
(a)in sub-paragraph (a) for “an active member” substitute “a member”;
(b)in sub-paragraph (b) for “death in service benefit” substitute “death benefit or a contribution refund (within the meaning of section 97AB(4)(10) of the Pension Schemes Act)”.
(7) In regulation 25(b) (form and content of audited scheme accounts) for “a true and fair value” substitute “a true and fair view”.
S.R. 2005 No. 126; relevant amending Regulations are S.R. 2005 Nos. 357 and 364 and S.R. 2006 No. 155
The definition of “the assessment date” was inserted by regulation 4(a) of S.R. 2005 No. 357
OJ No. L 177, 30.6.06, p.1
OJ No. L 228, 16.8.73, p.3
OJ No. L 345, 19.12.02, p.1
The definition of “tax registered scheme” was substituted for the definition of “tax approved scheme” by regulation 21(2) of S.R. 2006 No. 155
OJ No. L 228, 11.8.92, p.1
Regulation 7 was amended by regulation 2(5) of S.R. 2005 No. 364
Regulation 7A was inserted by regulation 2(6) of S.R. 2005 No. 364
Section 97AB was inserted by Article 241 of the Pensions (Northern Ireland) Order 2005