{
  "url": "https://openlegislation.uk/occupational-pension-schemes-transfer-values-amendment-regulations-northern-ireland-2008/regulation-2",
  "json_url": "https://openlegislation.uk/occupational-pension-schemes-transfer-values-amendment-regulations-northern-ireland-2008/regulation-2.json",
  "legislation": "nisr/2008/370",
  "legislation_title": "The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations (Northern Ireland) 2008",
  "legislation_url": "https://openlegislation.uk/occupational-pension-schemes-transfer-values-amendment-regulations-northern-ireland-2008",
  "path": "regulation/2",
  "kind": "regulation",
  "number": "2",
  "heading": "Amendment of regulation 1 of the principal Regulations",
  "text": "In regulation 1(2) of the principal Regulations (interpretation)—\n(a) after the definition of “the Act” insert—\n““actuary” means—\n(a) the actuary mentioned in Article 47(1)(b) (professional advisers); or\n(b) in relation to a scheme to which that Article does not apply—\n(i) a Fellow of the Faculty of Actuaries;\n(ii) a Fellow of the Institute of Actuaries; or\n(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;”;\n(b) omit the definition of “the Board for Actuarial Standards”;\n(c) after the definition of “cash equivalent” insert—\n““discount rates” means the interest rates used to discount future payments of benefit for the purposes of placing a current value on them;”;\n(d) for the definition of “effective date” substitute—\n““effective date” means the date as at which the assets and liabilities are valued for the purposes of the insufficiency report;”;\n(e) after the definition of “the guarantee date” insert—\n““initial cash equivalent” means the amount calculated in accordance with regulation 7(1)(a);\n“insufficiency report” means the actuary’s last relevant report before the guarantee date prepared in accordance with Schedule 1B;\n“insufficiency report liabilities” has the meaning given in paragraph 7 of Schedule 1B;\n“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;”;\n(f) for the definition of “member” substitute—\n““member” has the meaning given to that expression in Article 121(1);”;\n(g) in the definition of “the Regulatory Authority” for “the Occupational Pensions Regulatory Authority” substitute “the Pensions Regulator”;\n(h) after the definition of “the relevant date” insert—\n““salary related benefits” means benefits which are not money purchase benefits;”;\n(i) omit the definition of “scheme actuary”;\n(j) after the definition of “section 5(2B) rights” insert—\n““statement of entitlement” has the meaning given in section 89A(1);”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "The Faculty of Actuaries can be contacted at MacLaurin House, 18 Dublin Street, Edinburgh EH1 3PP"
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "The Institute of Actuaries can be contacted at Staple Inn Hall, High Holborn, London WC1V 7QJ"
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "The definition of “the Board for Actuarial Standards” was inserted by paragraph 5(a) of the Schedule to S.R. 2007 No. 64"
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "The definition of “effective date” was inserted by regulation 2(2) of S.R. 2003 No. 337"
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "The definition of “member” in Article 121(1) was amended by paragraph 50(2) of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999"
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "The Pensions Regulator is established by section 1 of the Pensions Act 2004 (c. 35); see also Article 6(1) of the Pensions (Northern Ireland) Order 2005 which transferred the functions of the Occupational Pensions Regulatory Authority to the Pensions Regulator"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/2008/370/regulation/2",
    "retrieved_at": "2026-10-29T01:34:56.844806+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}