Section 2 of the Principal Act is amended -

(a) in subsection (1) by inserting the following definitions:

"'effective date of the actuarial funding certificate’ has the meaning assigned to it by section 42;

'effective date of the funding standard reserve certificate’ has the meaning assigned to it by section 42;

'funding standard liabilities’ in relation to a relevant scheme, means on any date the aggregate of the liabilities and estimated expenses referred to in section 44(1), 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(1)(a)(v) was 100 per cent but, for the purposes of section 44(2), shall exclude liabilities for benefits which relate to contributions or a transfer of rights from another scheme to the extent that the benefits provided are directly determined by the accumulated value of those contributions or the amount transferred and a given investment performance is not guaranteed or specified in relation to those contributions or the amount transferred;

'funding standard reserve’ in relation to a relevant scheme, means on any date an amount calculated in accordance with section 44(2) in relation to the scheme on that date;

'funding standard reserve certificate’ has the meaning assigned to it by section 42;",

and

(b) by inserting the following new subsection after subsection (4):