Regulation 2 Interpretation

In these Regulations unless the context otherwise requires—

• “administrator” means the person or persons having the management of a scheme;

• “Board” means Commissioners of Inland Revenue;

• “the effective date” in relation to a valuation is the date stated to be the effective date in the signed valuation;

• “employer” means employer of members of a scheme;

• “indexed-gilt” means a public sector index-linked security;

• “insured scheme” means a scheme the contributions to which, apart from voluntary contributions made by members, are invested wholly by way of insurance premiums;

• a “Paragraph” (not being a paragraph of a regulation) means a paragraph of Schedule 12;

• “retail prices index” means the general index of retail prices (for all items) published by the Department of Employment;

• “Schedule 12” means Schedule 12 to the Finance Act 1986;

• “scheme” means an exempt approved scheme within the meaning of section 21 of the Finance Act 1970^f1;

• “self-administered scheme” means a scheme some or all of the income and other assets of which are invested otherwise than in insurance policies;

• “signed valuation” has the meaning given to it by regulation 9(4).