Regulation 2 Interpretation

In these Regulations—

• “AWE Trust Deed and Rules” means the Definitive Trust Deed with Rules attached dated 13 October 1993, as amended^f1;

• “cash” means monies held in custody and any other sterling denominated assets which the trustee company reasonably considers to be cash equivalents, including units or shares in short-term, low-risk liquidity or money market funds that are readily realisable at or near their net asset value;

• “Crown Guarantee” means the deed of guarantee between the Secretary of State for Defence and AWE Pension Trustees Limited, as Trustee of the AWE Pension Scheme, dated 21 July 2022^f2;

• “financial asset” means any asset of the AWE Pension Scheme^f3, other than cash or gilts, which is—

  1. (a)

     an equity instrument of another entity (including units, shares or interests in a collective investment vehicle);

  2. (b)

     a contractual right to receive cash or another financial asset from another entity; or

  3. (c)

     a contractual right to exchange financial assets or financial liabilities under conditions that are potentially favourable;

• “gilt” means a UK government sterling denominated bond issued by or on behalf of the Treasury;

• “Treasury Solicitor” has the same meaning as in the Treasury Solicitor Act 1876, and all references to the Treasury Solicitor are references to the Treasury Solicitor as a nominee of the Secretary of State.