The Occupational Pension Schemes (Regulatory Own Funds) Regulations 2005

Interpretation E+W+S

2.—(1) In these Regulations—

“the 1995 Act” means the Pensions Act 1995 M1 ;

“the 2004 Act” means the Pensions Act 2004;

“actuarial valuation” has the meaning given by section 224(2)(a) of the 2004 Act;

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

“biometric risk” M2 means liability risks linked to death, disability and longevity;

“the commencement date” means 30th December 2005;

“employer” has the meaning given by section 318(1) of the 2004 Act (general interpretation);

“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;

“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 section 41 of the 1995 Act (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;

“the Regulator” has the meaning given by section 1 of the 2004 Act (the Pensions Regulator);

“schedule of contributions” has the meaning given by section 227(2) of the 2004 Act (schedule of contributions);

“the Scheme Funding Regulations” means the Occupational Pension Schemes (Scheme Funding) Regulations 2005 M3 ;

“statutory funding objective” has the meaning given by section 222(1) of the 2004 Act (the statutory funding objective);

“the Taxes Act” means the Income and Corporation Taxes Act 1988 M4 ;

“technical provisions” has the meaning given by section 222(2) of the 2004 Act.

Marginal Citations

M1 1995 c. 26.

M2 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.

M3 S.I. 2005/3377.

M4 1988 c. 1.