The Pension Sharing (Valuation) Regulations (Northern Ireland) 2000

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Pension Sharing (Valuation) Regulations (Northern Ireland) 2000 and shall come into operation on 1st December 2000.

(2) In these Regulations—

“the 1999 Order” means the Welfare Reform and Pensions (Northern Ireland) Order 1999;

“the Minimum Funding Requirement Regulations” means the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations (Northern Ireland) 1996(1);

“the Winding Up Regulations” means the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996(2);

“the Department” means the Department for Social Development;

“employer” has the meaning given by section 176(1);

“occupational pension scheme” has the meaning given by section 1;

“pension arrangement” has the meaning given by Article 43(1) of the 1999 Order;

“relevant arrangement” has the meaning given by Article 26(8) of the 1999 Order;

“relevant benefits” has the meaning given by section 612 of the Income and Corporation Taxes Act 1988(3);

“scheme” means an occupational pension scheme;

“scheme actuary”, in relation to a scheme to which Article 47(1)(b) applies, means the actuary mentioned in Article 47(1)(b);

“transfer credits” has the meaning given by section 176(1);

“transferor” has the meaning given by Article 26(8) of the 1999 Order;

“trustees or managers” has the meaning given by Article 43(1) of the 1999 Order;

“valuation day” has the meaning given by Article 26(7) of the 1999 Order.

(3) In these Regulations—

(a)any reference to a numbered section is a reference to the section of the Pension Schemes Act bearing that number; and

(b)any reference to a numbered Article is a reference to the Article of the Pensions Order bearing that number.

(4) For the purposes of these Regulations and notwithstanding section 39(2) of the Interpretation Act (Northern Ireland) 1954(4), where a period of time is expressed to begin on, or to be reckoned from, a particular day, that day shall be included in the period.