The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014

Interpretation of this Part

62.—(1) In this Part—

“effective date”, in relation to an actuarial report or actuarial valuation, has the meaning given by section 224(2)(b) or (d) of the 2004 Act (actuarial valuations and reports), as the case may be;

“the Scheme Funding Regulations” means the Occupational Pension Schemes (Scheme Funding) Regulations 2005(1).

(2) Where, by virtue of regulation 2(2) (interpretation)(2) of and paragraph 1, 4, 5 or 7 of Schedule 2 to the Scheme Funding Regulations (multi-employer sectionalised schemes, partly foreign schemes and schemes with a partial public authority guarantee), Part 3 of the 2004 Act (scheme funding) applied as if each section or part of a scheme were a separate scheme (or would have so applied but for this Part)—

(a) this Part also so applies; and

(b) “employer” and “member” must be read accordingly.

(3) Subject to paragraph (4), where—

(a) the conditions specified in regulation 63(2) (application of Part 3 of the 2004 Act to schemes treated as money purchase: periods before the appointed day) are met in relation to an occupational scheme; and

(b) the scheme has no active members,

references to “the employer” in Part 3 of the 2004 Act and in this Part have effect as if they were references to the person who was the employer immediately before the occurrence of the event after which the scheme ceased to have active members (“the freezing event”).

(4) A person ceases to be treated as an employer under paragraph (3) if, after the freezing event, that person ceases to be treated as a former employer by virtue of regulation 9 (frozen schemes and former employers) of the Occupational Pension Schemes (Employer Debt) Regulations 2005(3).

(1)

S.I. 2005/3377.

(2)

Regulation 2 was amended by S.I.s 2007/60 and 2012/1817.

(3)

S.I. 2005/678.