Regulation 2 Interpretation

In these Regulations––

• “the 1993 Act” means the Pension Schemes Act 1993^f1;

• “the 1995 Act” means the Pensions Act 1995^f2;

• “the 2004 Act” means the Pensions Act 2004;

• “active member”, in relation to a scheme, has the meaning given by section 318 of the 2004 Act (but subject to regulation 10(7));

• “the administration levy” means the levy imposed under section 117 of the 2004 Act by regulation 4(1);

• “deferred member” has the meaning given by section 124(1) of the 1995 Act (but subject to regulation 10(7));

• “eligible scheme” has the meaning given by section 126 of the 2004 Act (but subject to regulations 15 to 18);

• “financial year” means a period of 12 months ending with 31st March;

• “the initial levy” means the levy imposed under section 174 of the 2004 Act by regulation 9;

• “the initial period” means the period provided for by regulation 8;

• “life member”, in relation to a scheme, means a person who is an active member but whose service under the scheme is only pensionable service by virtue of qualifying him for death benefits;

• “member”, in relation to a scheme, has the meaning given by section 318 of the 2004 Act (but subject to regulations 5(6) and 11(4));

• “the PPF Ombudsman levy” means the levy imposed under section 209(7) of the 2004 Act by regulation 4(2);

• “pension credit member” has the meaning given by section 124(1) of the 1995 Act^f3;

• “pension credit rights” has the meaning given by section 124(1) of the 1995 Act;

• “pension protection levy” means a levy imposed in accordance with section 175 of the 2004 Act;

• “pensionable service” has the meaning given by section 124(1) of the 1995 Act;

• “pensioner member” has the meaning given by section 124(1) of the 1995 Act^f4;

• “registrable scheme” has the meaning given by section 59(2) of the 2004 Act and regulations made under that section;

• “scheme year”, in relation to a scheme, means—

  1. (a)

     a year specified for the purpose of the scheme in any document comprising the scheme or, if none, a period of 12 months beginning on 1st April or on such other date as the trustees or managers select; or

  2. (b)

     such other period (if any) exceeding 6 months but not exceeding 18 months as is selected by the trustees or managers—

     1. (i)

        in connection with the commencement or termination of the scheme; or

     2. (ii)

        in connection with a variation of the date on which the year or period referred to in paragraph (a) is to begin.