Regulation 2 Amendment of regulation 1 of the principal Regulations

after the definition of “the Act” insert—

• ““actuary” means—

  1. (a)

     the actuary mentioned in Article 47(1)(b) (professional advisers); or

  2. (b)

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

     1. (i)

        a Fellow of the Faculty of Actuaries^f1;

     2. (ii)

        a Fellow of the Institute of Actuaries^f2; 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 Department as being a proper person to act for the purposes of these Regulations in connection with that scheme;”;

omit the definition of “the Board for Actuarial Standards”^f3;

after the definition of “cash equivalent” insert—

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

for the definition of “effective date”^f4 substitute—

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

after the definition of “the guarantee date” insert—

• ““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 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;”;

for the definition of “member” substitute—

• ““member” has the meaning given to that expression in Article 121(1)^f5;”;

in the definition of “the Regulatory Authority” for “the Occupational Pensions Regulatory Authority” substitute “the Pensions Regulator^f6”;

after the definition of “the relevant date” insert—

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

omit the definition of “scheme actuary”;

after the definition of “section 5(2B) rights” insert—

• ““statement of entitlement” has the meaning given in section 89A(1);”.