The Pension Protection Fund (Closed Schemes) Regulations 2007

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Pension Protection Fund (Closed Schemes) Regulations 2007 and shall come into force on 6th April 2007.

(2) In these Regulations—

“the 1995 Act” means the Pensions Act 1995(1);

“the Act” means the Pensions Act 2004(2) (unless the context otherwise requires, any reference to a numbered section being to a section so numbered in that Act);

“the appropriate person” means the actuary as defined in section 156(6) (valuations of closed schemes);

“the effective date” for the purposes of a section 156 valuation, means the date by reference to which the assets were valued and the full scheme liabilities and the protected liabilities were calculated;

“closed scheme” and “closed section” shall be construed in accordance with section 155 (treatment of closed schemes);

“section 156 valuation” means an actuarial valuation under that section; and

“segregated scheme” means a multi-employer scheme which is divided into two or more sections where—

(a)

any contributions payable to the scheme by an employer in relation to the scheme or by a member are allocated to that employer’s or that member’s section; and

(b)

a specified proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.

(3) In these Regulations, in the case of a scheme which is a segregated scheme, where these Regulations apply to a section of a scheme which is for the purposes of Part 2 of the Act a closed section, for “closed scheme” and “scheme” substitute “closed section” and “section”.

(1)

1995 c.26.

(2)

Part 2 of the Act is modified in its application to multi-employer schemes by the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441) and amended by S.I. 2005/993 and 2113 and 2006/566.