# The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations (Northern Ireland) 2008, Regulation 2: Amendment of regulation 1 of the principal Regulations


In regulation 1(2) of the principal Regulations (interpretation)—
(a) after the definition of “the Act” insert—
““actuary” means—
(a) the actuary mentioned in Article 47(1)(b) (professional advisers); or
(b) in relation to a scheme to which that Article does not apply—
(i) a Fellow of the Faculty of Actuaries;
(ii) a Fellow of the Institute of Actuaries; or
(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;”;
(b) omit the definition of “the Board for Actuarial Standards”;
(c) 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;”;
(d) 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;”;
(e) 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;”;
(f) for the definition of “member” substitute—
““member” has the meaning given to that expression in Article 121(1);”;
(g) in the definition of “the Regulatory Authority” for “the Occupational Pensions Regulatory Authority” substitute “the Pensions Regulator”;
(h) after the definition of “the relevant date” insert—
““salary related benefits” means benefits which are not money purchase benefits;”;
(i) omit the definition of “scheme actuary”;
(j) after the definition of “section 5(2B) rights” insert—
““statement of entitlement” has the meaning given in section 89A(1);”.

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Source: https://www.legislation.gov.uk/nisr/2008/370/regulation/2 (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-transfer-values-amendment-regulations-northern-ireland-2008/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.