# The AWE Pension Scheme (Transfer of Assets) Regulations 2026, 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;
“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;
“financial asset” means any asset of the AWE Pension Scheme, other than cash or gilts, which is—
(a) an equity instrument of another entity (including units, shares or interests in a collective investment vehicle);
(b) a contractual right to receive cash or another financial asset from another entity; or
(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.

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Source: https://www.legislation.gov.uk/ukdsi/2026/9780348288186/regulation/2 (the official version)
Page: https://openlegislation.uk/draft-awe-pension-scheme-transfer-of-assets-regulations-2026/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.