# Pension Schemes Act 2026, Section 21: Interpretation of Chapter

Extent: E+W+S
Status: prospective

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—
(a) in relation to a scheme established under a trust, the trustees;
(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).

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Source: https://www.legislation.gov.uk/ukpga/2026/22/section/21 (the official version)
Page: https://openlegislation.uk/pension-schemes-act-2026/section-21
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.