Regulation 2 Interpretation

“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—

1. (a)

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

2. (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.