{
  "url": "https://openlegislation.uk/pension-schemes-act-2026/section-21",
  "json_url": "https://openlegislation.uk/pension-schemes-act-2026/section-21.json",
  "legislation": "ukpga/2026/22",
  "legislation_title": "Pension Schemes Act 2026",
  "legislation_url": "https://openlegislation.uk/pension-schemes-act-2026",
  "path": "section/21",
  "kind": "section",
  "number": "21",
  "heading": "Interpretation of Chapter",
  "text": "In this Chapter—\n“action plan” has the meaning given by section 15(6);\n“fully delivering rating” means a fully delivering VFM rating (see section 15(1)(a));\n“improvement plan” is to be interpreted in accordance with section 16(2)(a);\n“intermediate rating” means an “intermediate” VFM rating (section 15(1)(c));\n“metric data” is to be interpreted in accordance with section 11(2)(c);\n“money purchase benefits” has the same meaning as in the Pension Schemes Act 1993 (see section 181 of that Act);\n“not delivering rating” means a “not delivering” VFM rating (see section 15(1)(b));\n“occupational pension scheme” has the same meaning as in the Pension Schemes Act 1993 (see section 1(1) of that Act);\n“prescribed” means prescribed by value for money regulations;\n“regulated VFM arrangement” is to be interpreted in accordance with section 11(1)(b);\n“regulated VFM scheme” is to be interpreted in accordance with section 11(1)(a);\n“relevant pension scheme” is to be interpreted in accordance with section 11(12) and (13);\n“responsible trustees or managers” is to be interpreted in accordance with section 11(8);\n“trustee or manager” means—\n(a) in relation to a scheme established under a trust, the trustees;\n(b) in relation to any other scheme, the managers,\n(including in the words that define “responsible trustees or managers” in section 11(8));\n“value for money regulations” has the meaning given by section 11(1);\n“VFM assessment” has the meaning given by section 11(2)(a);\n“VFM period” is to be interpreted in accordance with section 11(2)(a);\n“VFM rating” is to be interpreted in accordance with section 11(4)(a).",
  "extent": "E+W+S",
  "status": "prospective",
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "S. 21 not in force at Royal Assent, see s. 133(4)(a)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2026/22/section/21",
    "retrieved_at": "2026-10-29T08:41:23.531539+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}