Regulation 77 Interpretation of PartI1

In this Part—

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

• “Chapters 4 and 5” means Chapters 4 and 5 of Part 4 of that Act (transfer values and early leavers);

• “club scheme” means an occupational pension scheme which—

  1. (a)

     (except where it is established and maintained in the Channel Islands or the Isle of Man) is a registered scheme;

  2. (b)

     provides benefits calculated by reference to final pay;

  3. (c)

     is open to new participants, or is a closed scheme the trustees or managers of which also provide an open scheme which is a club scheme for new employees of the same employer and of the same grade or level of post as the participants in the closed scheme; and

  4. (d)

     complies with reciprocal arrangements for the payment and receipt of transfer values with the schemes made under section 7 of the Superannuation Act 1972^f2.