# The Pensions Regulator (Employer Resources Test) Regulations 2021, Regulation 3: Interpretation


(1) For the purposes of these Regulations—
(a) in the case of an employer which is—
(i) not trading for profit; or
(ii) a charity,
any reference to “profits” in these Regulations shall be read as if it referred to “net income”;
(b) the value of the resources of the employer may be a negative number.
(2) In this regulation, “net income” means income after the deduction of expenditure.

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Source: https://www.legislation.gov.uk/ukdsi/2021/9780348225204/regulation/3 (the official version)
Page: https://openlegislation.uk/draft-pensions-regulator-employer-resources-test-regulations-2021/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.