Section 100 Interpretation of PartI1

In this Part—

• “approved response plan” means a response plan which has been approved by the Regulator under section 88;

• “assets”, in relation to the capital buffer, includes cash;

• “associate”, in relation to a body corporate, has the meaning given in section 435(6) of the Insolvency Act 1986 (read with section 435(11));

• “authorised”, in relation to a superfund, means authorised under Chapter 2 (except in section 99);

• “the capital adequacy threshold” has the meaning given by section 72(2);

• “capital buffer” has the meaning given by section 60(3);

• “the capital buffer arrangement”, in relation to the capital buffer, means the contract or other arrangement referred to in section 60(2);

• “the ceding scheme” has the meaning given by section 66(7);

• “continuity strategy” has the meaning given by section 70(4);

• “defined benefits” has the same meaning as in Part 1 of the Pensions Act 2008 (see section 99 of that Act);

• “defined-benefit liability” means a liability to pay defined benefits to a member of a pension scheme;

• “the employer”, in relation to an occupational pension scheme, means the employer of persons in the description of employment to which the scheme in question relates (and see also section 97);

• “event of concern” has the meaning given by section 86(1);

• “the financial thresholds” has the meaning given by section 72(1);

• “insurer buyout”, in relation to a pension scheme, means an arrangement under which an insurer takes on responsibility for satisfying all the liabilities of the scheme in full;

• “key function” has the meaning given by section 77(2) and (3);

• “liabilities”, in relation to a pension scheme, includes present and future liabilities;

• “the management documents” has the meaning given by section 70(3);

• “not supported by a substantive employer covenant” has the meaning given by section 60(4);

• “occupational pension scheme” has the same meaning as in the Pension Schemes Act 1993 (see section 1 of that Act and section 97 above);

• “the onboarding conditions” has the meaning given by section 66(2) (read with any regulations under section 66(4));

• “operating superfund” means a superfund of which the superfund scheme is an operating superfund scheme;

• “operating superfund scheme” means a superfund scheme—

  1. (a)

     that is part of an authorised superfund or of a superfund whose authorisation has been withdrawn under section 94, and

  2. (b)

     to which one or more superfund transfers have been made;

• “pension scheme” has the meaning given by section 1(5) of the Pension Schemes Act 1993;

• “period of concern” has the meaning given by section 86(2);

• “permitted profit extraction” has the meaning given by section 74(4);

• “the protected liabilities threshold” has the meaning given by section 72(4);

• “the receiving superfund” has the meaning given by section 66(7);

• “the Regulator” means the Pensions Regulator;

• “release”, in relation to the capital buffer, has the meaning given by section 73(2);

• “response plan” has the meaning given by section 88(1);

• “the responsible body”, in relation to an authorised superfund, means—

  1. (a)

     the body corporate that applied for the superfund to be authorised (see section 63(2)), or

  2. (b)

     where the Regulator has directed under section 90(4) that another person is to become the responsible body, that other person;

• “the rules of the scheme”, in relation to a trust-based occupational pension scheme, includes the trust deed;

• “the scheme solvency threshold” has the meaning given by section 72(5);

• “section” has the meaning given by section 61;

• “superfund” has the meaning given by section 60(5);

• “superfund group”, in relation to a superfund, means the responsible body and every body corporate—

  1. (a)

     that is involved in the management or administration of the superfund, and

  2. (b)

     that is an associate of the responsible body;

• “superfund scheme” has the meaning given by section 60(1) (read with section 61);

• “superfund transfer” has the meaning given by section 60(6);

• “supported by a capital buffer” has the meaning given by section 60(2);

• “the technical provisions threshold” has the meaning given by section 72(3);

• “transfer”, in relation to liabilities of a pension scheme, is to be read with subsection (2);

• “the transferred liabilities” has the meaning given by section 66(7);

• “trust-based occupational pension scheme” means an occupational pension scheme established under a trust.

References in this Part to a transfer of liabilities from one pension scheme to another are to any transaction whereby—

The Secretary of State may by regulations amend this section for the purpose of changing the definition of “superfund group”.

Regulations under subsection (3) are subject to the affirmative procedure.