Paragraph 1

In this Schedule—

• “contribution notice” means a notice issued under section 38 (contribution notices where avoidance of employer debt), 47 (contribution notices where non-compliance with financial support direction) or 55 (contribution notice where failure to comply with restoration order);

• “financial support direction” means a direction issued under section 43 (financial support directions);

• “pension credit rights” has the meaning given by section 124(1) (interpretation of Part 1) of the 1995 Act M1;

• “pre-6th April 1997 contract of insurance” means a contract of insurance that—

  1. (a)

     falls within the definition of a relevant contract of insurance in section 161(8) (effect of Board assuming responsibility for a scheme);

  2. (b)

     was taken out before 6th April 1997; and

  3. (c)

     the trustees or managers are, or should reasonably be aware of;

• “relevant accounts” for the purposes of identifying and valuing the assets of a scheme, means audited accounts for the scheme which—

  1. (a)

     contain the information specified in Part 2 of this Schedule;

  2. (b)

     show a F1true and fair view of—

     1. (i)

        the financial transactions of the scheme during the period to which the accounts relate (“the accounting period”);

     2. (ii)

        the amount and disposition of the assets at the end of the accounting period; and

     3. (iii)

        the liabilities of the scheme, other than the liabilities to pay pensions and benefits, after the end of the accounting period;

  3. (c)

     include a report by the auditor in writing as to whether or not in his opinion the requirements of paragraphs (a) and (b) above are satisfied; and

  4. (d)

     are prepared in respect of a period ending with the effective date of the valuation;

• “restoration order” has the meaning given by section 52 (restoration orders where transactions at an undervalue); and

• “section 75 debt” means so much of the amount treated by section 75 of the 1995 Act M2 (deficiencies in the assets) as a debt due from the employer to the trustees or managers at the applicable time.