# The Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005, Regulation 1: Citation, commencement and interpretation

Extent: N.I.

(1) These Regulations may be cited as the Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005 and shall come into operation on 6th April 2005.
(2) In these Regulations –
“the Order” means the Pensions (Northern Ireland) Order 2005;
“appropriate person” in the case of an Article 127 valuation, means the person specified in Article 127(11)(a)(ii) of the Order , in the case of an Article 127 determination means the Board and, in the case of an Article 162 valuation means the actuary as defined in Article 162(2) of the Order;
“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;
“Article 127 determination” means a determination by the Board under Article 127(2)(a) of the Order;
“Article 127 valuation” means an actuarial valuation under Article 127(2)(b) of the Order;
“Article 136 determination” means a determination by the Board for the purposes of Article 136(2B) of the Order;
“Article 136(9) valuation” means a valuation obtained under Article 136(9) of the Order;
“Article 136(10A) valuation” means a valuation under Article 136(10A) of the Order;
“Article 142 determination” means a determination by the Board under Article 142(3)(a) of the Order;
“Article 142 valuation” means a valuation obtained under Article 142(3)(b) of the Order;
“Article 162 valuation” means an actuarial valuation under that Article of the Order;
“Article 75 debt” means so much of the amount treated by Article 75 of the 1995 Order (deficiencies in the assets) as a debt due from the employer to the trustees or managers at the applicable time;
“commencement date” means 6th April 2005;
“contribution notice” means a notice issued under Article 34 (contribution notices where avoidance of employer debt), 43 (contribution notices where non-compliance with financial support direction) or 51 (contribution notice where failure to comply with restoration order) of the Order;
“eligible scheme” has the meaning given by Article 110 of the Order (eligible schemes);
“employer”, in relation to—
(a)an occupational pension scheme which is not a multi-employer scheme; or
(b)a single-employer section of a segregated scheme,
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;
“employer”, in relation to a non-segregated scheme or a multi-employer section of a segregated scheme—
(a)in an assessment period, includes any person who before the assessment date has ceased to be the employer of persons in the description of employment to which the scheme or section relates unless condition A, B, C or D is satisfied where—
(i)condition A is that an Article 75 debt became due from that employer and the full amount of the debt has been paid before the assessment date;
(ii)condition B is that—
(aa)such a debt became due;
(bb)a legally enforceable agreement has been entered into the effect of which is to reduce the amount which may be recovered in respect of the debt; and
(cc)the reduced amount has been paid in full before the assessment date;
(iii)condition C is that such a debt became due but before the assessment date it is excluded from the value of the assets of the scheme or section because it is unlikely to be recovered without disproportionate costs or within a reasonable time;
(iv)condition D is that at the time at which any such person ceased to be the employer of persons in the description of employment to which the scheme or section relates the value of the assets of the scheme or section was such that no such debt was treated as becoming due;
(b)in any other case, includes any person who has ceased to be the employer of persons in the description of employment to which the scheme or section relates unless condition A, B, C or D is satisfied where—
(i)condition A is that an Article 75 debt became due from that employer and the full amount of the debt has been paid;
(ii)condition B is that—
(aa)such a debt became due;
(bb)a legally enforceable agreement has been entered into the effect of which is to reduce the amount which may be recovered in respect of the debt; and
(cc)the reduced amount has been paid in full;
(iii)condition C is that such a debt became due but it is excluded from the value of the assets of the scheme or section because it is unlikely to be recovered without disproportionate costs or within a reasonable time;
(iv)condition D is that at the time at which any such person ceased to be the employer of persons in the description of employment to which the scheme or section relates the value of the assets of the scheme or section was such that no such debt was treated as becoming due;
“employment” means trade, business, profession, office or vocation;
“external liabilities” means any liabilities which do not fall due to the members of the scheme;
“financial support direction” means a direction issued under Article 39 of the Order (financial support directions);
“non-segregated scheme” means a multi-employer scheme which is not a segregated scheme;
“pension credit rights” has the meaning given by Article 121(1) of the 1995 Order (interpretation of Part II);
“pre-6th April 1997 contract of insurance” means a contract of insurance that—
(i)falls within the definition of a relevant contract of insurance in Article 145(8) of the Order (effect of Board assuming responsibility for a scheme);
(ii)was taken out before 6th April 1997; and
(iii)the trustees or managers are, or should reasonably be, aware of;
“registrable scheme” has the meaning given by Article 55(5) of the Order (registrable information);
“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 the 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) are satisfied; and
(d)are prepared in respect of a period ending with the relevant time of the valuation;
“relevant time” for the purposes of Article 162 of the Order, means the date in relation to which the assets and liabilities of the eligible scheme are calculated;
“restoration order” has the meaning given by Article 48 of the Order (restoration orders where transactions at an undervalue); ...
“restricted information” has the meaning given in Article 179 of the Order (restricted information).
“segregated scheme” means a multi-employer scheme which is divided into two or more sections where—
(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
(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.

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Source: https://www.legislation.gov.uk/nisr/2005/131/regulation/1 (the official version)
Page: https://openlegislation.uk/pension-protection-fund-valuation-regulations-northern-ireland-2005/regulation-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.