Regulation 1 Citation, commencement and interpretation

These Regulations may be cited as the Money Purchase Contracted-out Schemes Regulations 1987 and shall come into force on 6th April 1988.

In these Regulations, unless the context otherwise requires—

• “the 1975 Act” means the Social Security Pensions Act 1975;

• “the 1986 Act” means the Social Security Act 1986;

• “earnings period” has the same meaning as in the Social Security (Contributions) Regulations 1979^f1;

• “emoluments” means so much of a person’s remuneration or profit derived from employed earner’s employment as constitutes earnings for the purposes of the Social Security Act 1975^f2;

• “Friendly Society” means a Friendly Society registered under section 7(1)(a) of the Friendly Societies Act 1974^f3, or, as the case may be, under section 1(1)(a) of the Friendly Societies Act (Northern Ireland) 1970^f4;

• “futures” has the meaning assigned to that word by paragraph 8 of Schedule 1 to the Financial Services Act 1986^f5;

• “government, local authority or public authority” means—

  1. (a)

     the government of any member State;

  2. (b)

     a local authority in any member State; or

  3. (c)

     any international organisation the members of which comprise any member States;

• “income tax month” means the period beginning on the 6th day of any calendar month and ending on the 5th day of the following calendar month;

• “investment trust company” means a company which has been approved for the purposes of section 359 of the Income and Corporation Taxes Act 1970^f6;

• “issuer”, in relation to any securities, has the meaning assigned to that word by section 142(7) of the Financial Services Act 1986;

• “options” has the meaning assigned to that word by paragraph 7 of Schedule 1 to the Financial Services Act 1986;

• “recognised Stock Exchange” has the meaning assigned to that expression by paragraph 13 of Schedule 13 to the Insurance Companies Regulations 1981^f7;

• “scheme” means occupational pension scheme;

• “securities”—

  1. (a)

     in relation to any government, local authority or public authority, means any investment which would fall within paragraph 3 of Schedule 1 to the Financial Services Act 1986 if “government, local authority or public authority” had the same meaning in that paragraph as in these Regulations; and

  2. (b)

     otherwise means any investment falling within paragraph 1, 2, 4 or 5 of that Schedule;

• “trustees”, in relation to a scheme which is not set up or established under a trust, means the managers of the scheme;

and other expressions have the same meaning as in the 1975 Act.

In these Regulations, unless the context otherwise requires, any reference—