Regulation 2 Interpretation

In these Regulations—

• “the Act” means the Pensions Act 2004;

• “the Employer Debt Regulations” means the Occupational Pension Schemes (Employer Debt) Regulations 2005 M1;

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

• “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 for the purposes of death benefits;

• “member”, in relation to a scheme, means a person who is one or more of the following—

  1. (a)

     an active member (but not a life member);

  2. (b)

     a deferred member (including where a life member would be a deferred member if he were not an active member);

  3. (c)

     a pensioner member; or

  4. (d)

     a pension credit member;

• “registrable scheme” means a scheme to which regulation 2 of the Register of Occupational and Personal Pension Schemes Regulations 2005 M2 (registrable schemes) applies;

• “relevant public authority” has the meaning given in section 307(4) of the Act (modification of the Act in relation to certain categories of schemes);

• “scheme” means an occupational pension scheme to which Chapter 4 of Part 2 of the Act (fraud compensation) applies;

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

  1. (a)

     a year specified for the purposes 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;

• “stakeholder pension scheme” means a stakeholder pension scheme within the meaning of section 1 of the Welfare Reform and Pensions Act 1999 M3 (meaning of stakeholder pension scheme) which is established under a trust;

• “unallocated assets”, in relation to a scheme, means any assets of the scheme which have not been specifically allocated for the provision of benefits to, or in respect of, members (whether generally or individually).