Regulation 73 Interpretation of PartF1I1

In this Part—

• “Chapters 4 and 5” means Chapters 4 and 5 of Part 4 of the 1993 Act (transfer values and early leavers)

• “club scheme” means a registered 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 Article 9 of the Order of 1972^f1.