Regulation 2 Amendment of regulation 1 of the principal Regulations

in the appropriate alphabetical places, insert—

• ““actuary” means—

  1. (a)

     the actuary mentioned in section 47(1)(b) of the 1995 Act (professional advisers); or

  2. (b)

     in relation to a scheme to which that section does not apply—

     1. (i)

        a Fellow of the Faculty of Actuaries^f2;

     2. (ii)

        a Fellow of the Institute of Actuaries^f3; or

     3. (iii)

        a person with other actuarial qualifications who is approved, at the request of the trustees of the scheme in question, by the Secretary of State as being a proper person to act for the purposes of these Regulations in connection with that scheme;”;

• ““discount rates” means the interest rates used to discount future payments of benefit for the purposes of placing a current value on them;”;

• ““initial cash equivalent” means the amount calculated in accordance with regulation 7(1)(a);”;

• ““insufficiency report” means the actuary’s last relevant report before the guarantee date prepared in accordance with Schedule 1B (insufficiency reports);”;

• ““insufficiency report liabilities” has the meaning given in paragraph 7 of Schedule 1B;”;

• ““insurance policy” means an insurance policy which is a contract on human life or a contract of annuity on human life, but excluding a contract which is linked to investment funds;”;

• ““salary related benefits” means benefits that are not money purchase benefits;”;

• ““statement of entitlement” has the meaning given in section 93A(1) of the 1993 Act (salary related schemes: right to statement of entitlement);”;

for the definition of “effective date”, substitute—

• ““effective date” means the date as at which the assets and liabilities are valued for the purposes of the insufficiency report;”;

for the definition of “member”, substitute—

• ““member” has the meaning given in section 124(1) of the 1995 Act (interpretation);”; and

omit the definitions of “the Board for Actuarial Standards” and “scheme actuary”.