Regulation 1 Citation, commencement and interpretationI1

These Regulations may be cited as the Pension Protection Fund (Closed Schemes) Regulations (Northern Ireland) 2007 and shall come into operation on 6th April 2007.

In these Regulations—

• “the Order” means the Pensions (Northern Ireland) Order 2005;

• “the appropriate person” means the actuary as defined in Article 140(6) (valuations of closed schemes);

• “Article 140 valuation” means an actuarial valuation under that Article;

• “closed scheme” and “closed section” shall be construed in accordance with Article 139 (treatment of closed schemes);

• “effective date” for the purposes of an Article 140 valuation, means the date by reference to which the assets were valued and the full scheme liabilities and the protected liabilities were calculated;

• “protected liabilities” has the meaning given by Article 115;

• “segregated scheme” means a multi-employer scheme which is divided into two or more sections where—

  1. (a)

     any contributions payable to the scheme by an employer in relation to the scheme or by a member are allocated to that employer’s or that member’s section, and

  2. (b)

     a specified proportion of the assets of the scheme is attributable to each section of the scheme and cannot be used for the purposes of any other section.

In these Regulations, in the case of a scheme which is a segregated scheme, where these Regulations apply to a section of a scheme which is for the purposes of Part III^f1 of the Order a closed section, for “closed scheme” and “scheme” substitute “closed section” and “section”.

In these Regulations, any reference to a numbered Article is a reference to the Article of the Order bearing that number.