Section 21 Interpretation of ChapterI1

In this Chapter—

• “action plan” has the meaning given by section 15(6);

• “fully delivering rating” means a fully delivering VFM rating (see section 15(1)(a));

• “improvement plan” is to be interpreted in accordance with section 16(2)(a);

• “intermediate rating” means an “intermediate” VFM rating (section 15(1)(c));

• “metric data” is to be interpreted in accordance with section 11(2)(c);

• “money purchase benefits” has the same meaning as in the Pension Schemes Act 1993 (see section 181 of that Act);

• “not delivering rating” means a “not delivering” VFM rating (see section 15(1)(b));

• “occupational pension scheme” has the same meaning as in the Pension Schemes Act 1993 (see section 1(1) of that Act);

• “prescribed” means prescribed by value for money regulations;

• “regulated VFM arrangement” is to be interpreted in accordance with section 11(1)(b);

• “regulated VFM scheme” is to be interpreted in accordance with section 11(1)(a);

• “relevant pension scheme” is to be interpreted in accordance with section 11(12) and (13);

• “responsible trustees or managers” is to be interpreted in accordance with section 11(8);

• “trustee or manager” means—

  1. (a)

     in relation to a scheme established under a trust, the trustees;

  2. (b)

     in relation to any other scheme, the managers,

  (including in the words that define “responsible trustees or managers” in section 11(8));

• “value for money regulations” has the meaning given by section 11(1);

• “VFM assessment” has the meaning given by section 11(2)(a);

• “VFM period” is to be interpreted in accordance with section 11(2)(a);

• “VFM rating” is to be interpreted in accordance with section 11(4)(a).