The Principal Act is amended by inserting the following new Part after Part IVA (inserted by section 42 of the Social Welfare and Pensions Act 2010):
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"PART IVB |
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REGULATORY OWN FUNDS SCHEMES |
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Interpretation. |
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53E.— In this Part, except where the context otherwise requires— |
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‘biometric risks' means risks linked to death, disability and longevity; |
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‘funding standard liabilities' in relation to a regulatory own funds scheme which is a relevant scheme, means on any date the aggregate of the liabilities and estimated expenses referred to in section 44, calculated as if the actuary had prepared an actuarial funding certificate having that date as the effective date and as if the percentage referred to in section 44(a)(v) was 100 per cent; |
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‘regulatory own funds certification date' shall be construed in accordance with subsection (2) of section 53J; |
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‘regulatory own funds notification date' shall be construed in accordance with subsection (2) of section 53K |