# The Pension Protection Fund (Closed Schemes) Regulations 2007, 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 ;
“pre-6th April 1997 contract of insurance” means a contract of insurance that—
(a)falls within the definition of a relevant contract of insurance in section 161(8) (effect of Board assuming responsibility for a scheme);
(b)was taken out before 6th April 1997; and
(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—
(a)contain the information specified in Part 2 of this Schedule;
(b)show a true and fair view of—
(i)the financial transactions of the scheme during the period to which the accounts relate (“the accounting period”);
(ii)the amount and disposition of the assets at the end of the accounting period; and
(iii)the liabilities of the scheme, other than the liabilities to pay pensions and benefits, after the end of the accounting period;
(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
(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 (deficiencies in the assets) as a debt due from the employer to the trustees or managers at the applicable time.

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Source: https://www.legislation.gov.uk/uksi/2007/865/schedule/part/1/paragraph/1 (the official version)
Page: https://openlegislation.uk/pension-protection-fund-closed-schemes-regulations-2007/schedule/part-1/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.