Regulation 1 Citation, commencement and interpretationI1

These Regulations may be cited as the Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 and shall come into operation –

In these Regulations –

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

• “the 1988 Act” means the Income and Corporation Taxes Act 1988^f1;

• “the FSMA 2000” means the Financial Services and Markets Act 2000^f2;

• F1“the appointed day” is the day appointed for the coming into operation of section 27 of the Pensions Act (Northern Ireland) 2012 (definition of money purchase benefits);

• F2“the assessment date” means the date on which the assessment period in relation to the scheme or section, or (where there has been more than one such assessment period) the last one, began;

• F3“cash balance benefits” has the meaning given by regulation 2 of the Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014;

• F4“EEA agreement” means the agreement on the European Economic Area signed at Oporto on 2nd May 1992, together with the Protocol adjusting that Agreement signed at Brussels on 17th March 1993, as modified or supplemented from time to time;

• “EEA credit institution” means a credit institution, authorised under Directive 2006/48/EC of the European Parliament and of the Council dated 14th June 2006 relating to the taking up and pursuit of the business of credit institutions, which has its relevant office in an EEA state other than the United Kingdom;

• “EEA insurer” means an undertaking, other than a UK insurer, pursuing the activity of direct insurance F5means a supervisory authority (within the meaning of Article 13(10) of the Solvency 2 directive) of an EEA State;

• “EEA regulator” means a competent authority (as referred to in Article 2 of the Solvency 2 Directive) which has received authorisation under Article 14 of the Solvency 2 Directive from its home state regulator; ;

• “EEA state”, in relation to any time, means—

  1. (a)

     a state which at that time is a member State, or

  2. (b)

     any other state which at that time is a party to the EEA agreement;

• F6...

• F7...

• “home state regulator” means the relevant EEA regulator in the EEA state where the EEA insurer’s head office is located;

• F8“the Insolvency Regulation” means Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings;

• F9...

• F10“the Multi-employer Regulations” means the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations (Northern Ireland) 2005;

• “multi-employer scheme” has the meaning given by Article 280(4) (modification of the Order in relation to certain categories of schemes);

• “multi-employer section” means a section of a segregated scheme which has at least 2 employers in relation to that section;

• “non-segregated scheme” means a multi-employer scheme which is not a segregated scheme;

• “normal pension age” has the meaning given by Article 122(11) (payment of scheme benefits);

• “pensionable service” has the meaning given by section 66(2) of the Pension Schemes Act;

• “public body” means a government department or any non-departmental public body established by a statutory provision to perform functions conferred on it under that statutory provision or any other statutory provision;

• F11“relevant office” means—

  1. (a)

     in relation to a body corporate, its registered office or, if it has no registered office, its head office, and

  2. (b)

     in relation to a person other than a body corporate, the person’s head office;

• “relevant public authority” has the meaning given by Article 280(4);

• “restricted information” has the meaning given by Article 179(4);

• “segregated scheme” means a multi-employer scheme which is divided into 2 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;

• “segregated part” –

  1. (a)

     in relation to a non-segregated scheme, means a part of the scheme which is created when the scheme rules require the trustees or managers, in circumstances where an employer in relation to the scheme ceases to participate in the scheme, to segregate such part of the assets of the scheme as is attributable to the liabilities of the scheme to provide pensions or other benefits to, or in respect of, the pensionable service of members of the scheme by reference to that employer, and

  2. (b)

     in relation to a multi-employer section of a segregated scheme, means a part of the section which is created when the rules of the scheme relating to that section require the trustees or managers of the section, in circumstances where an employer in relation to the section ceases to participate in the scheme, to segregate such part of the assets of the section as is attributable to the liabilities of the section to provide pensions or other benefits to, or in respect of, the pensionable service of members of the section by reference to that employer;

• F12“the Solvency 2 Directive” means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II);

• F13“tax registered scheme” means a pension scheme that is registered under Chapter 2 of Part 4 of the Finance Act 2004 (registration of pension schemes).

• F14...

• F15“UK insurer” means a person who has permission under Part IV of the FSMA 2000 (permission to carry on regulated activities) to effect or carry out contracts of insurance, but does not include a person who, in accordance with that permission, carries on that activity exclusively in relation to reinsurance contracts.

In Part III of the Order and these Regulations, “employer”, in relation to—

which has no active members, includes the person who was the employer of persons in the description of employment to which the scheme or section relates immediately before the time at which the scheme or section ceased to have any active members in relation to it.

In these Regulations, “employer”, in relation to a non-segregated scheme or a multi-employer section of a segregated scheme—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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