Paragraph 2 General InterpretationF1

In this Schedule—

• “the AMT” means the asset management threshold (see paragraph 4);

• “competitive tender process” has the meaning given in Article 2.1 of the 2019 Order, as it had effect immediately before the commencement date;

• “continuing in-scope FM provider” has the meaning given in paragraph 3(12);

• “excepted person”, in relation to a relevant trust scheme, means—

  1. (a)

     a trustee of the scheme,

  2. (b)

     a trustee owned company,

  3. (c)

     the employer that has the power to act on behalf of all employers in the scheme in relation to the scheme rules,

  4. (d)

     the principal employer for the purposes of the scheme in accordance with the scheme rules,

  5. (e)

     if the scheme is a Master Trust scheme (within the meaning given in section 1 of the Pension Schemes Act 2017)—

     1. (i)

        the scheme funder (as defined by section 39 of that Act), if that person is an IC-FM firm or a body corporate connected to an IC-FM firm, or

     2. (ii)

        the scheme strategist (as defined by section 39 of that Act), if that person is an IC-FM firm or a body corporate connected to an IC-FM firm, or

  6. (f)

     a person who is connected to any of the persons mentioned in paragraph (c), (d) or (e);

• “FM provider” has the meaning given in paragraph 3(2);

• “IC-FM firm” means a person who provides both investment consultancy services and fiduciary management services to the trustees of a relevant trust scheme;

• “in-scope assets” has the meaning given in paragraph 4(3);

• “in-scope FM provider” is to be read in accordance with paragraph 3(11);

• “manageable assets” has the meaning given in paragraph 3(5);

• “NRP FM provider” has the meaning given in paragraph 9(2);

• “out-of-scope FM provider” has the meaning given in paragraph 3(13);

• “qualifying tender process” has the meaning given in paragraph 5;

• “relevant tender process” means—

  1. (a)

     a qualifying tender process,

  2. (b)

     a competitive tender process,

  3. (c)

     where the trustees are a contracting authority for the purposes of the Public Contracts Regulations 2015, a procurement carried out in accordance with those Regulations, F2...

  4. (d)

     where the trustees are a contracting authority for the purposes of the Public Contracts (Scotland) Regulations 2015, a procurement under those Regulations F3, or

  5. (e)

     where the trustees are a contracting authority for the purposes of the Procurement Act 2023, a procurement carried out in accordance with that Act.