Regulation 7 Amendment of regulation 15

Regulation 15 (interpretation) is amended as follows.

For paragraph (1) substitute—

“(1)

In these Regulations—

(a)

“income allocation” means the distribution of an amount to participants; and

(b)

“distribution” includes the crediting of an amount to the capital part of the scheme property on behalf of a participant in respect of the participant’s accumulation units.”.

In paragraph (2), for “distribution to participants” substitute “income allocation to participants”.

Omit paragraph (3).