Section 48 Interpretation of ChapterI1

In this Chapter—

• “the appropriate authority”, in relation to the making of regulations, means—

  1. (a)

     where the only pension schemes to which the regulations apply are FCA-regulated pension schemes, the Treasury;

  2. (b)

     where the only pension schemes to which the regulations apply are not FCA-regulated pension schemes, the Secretary of State;

  3. (c)

     in any other case, the Treasury and the Secretary of State acting jointly;

• “the appropriate regulator”, in relation to a pension scheme, means—

  1. (a)

     in relation to an FCA-regulated pension scheme, the FCA;

  2. (b)

     in relation to any other pension scheme, the Pensions Regulator;

• “approved main scale default arrangement”, in relation to a pension scheme, means a main scale default arrangement in respect of which the pension scheme is approved under section 28A or 28B of the Pensions Act 2008;

• “consolidating” a non-scale default arrangement into an approved main scale default arrangement means ensuring that any assets held subject to the non-scale default arrangement are instead held subject to the approved main scale default arrangement;

• “the FCA” means the Financial Conduct Authority;

• “FCA-regulated”, in relation to a pension scheme, has the meaning given in subsection (2);

• “main scale default arrangement”, in relation to a pension scheme, has the same meaning as in section 28A and 28B of the Pensions Act 2008;

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

• “non-scale default arrangement”, in relation to a pension scheme, means an arrangement—

  1. (a)

     which is not an approved main scale default arrangement, and

  2. (b)

     subject to which assets of the scheme must under the rules of the scheme be held, or may under those rules be held, if the member of the scheme to whom the assets relate does not make a choice as to the arrangement subject to which the assets are to be held;

• “operate”, in relation to a default arrangement, has the meaning given in subsection (3);

• “pension scheme” has the meaning given by section 1(5) of the Pension Schemes Act 1993;

• “the provider” of a pension scheme means—

  1. (a)

     in relation to an FCA-regulated pension scheme, the person mentioned in subsection (2)(b);

  2. (b)

     in any other case, the trustees or managers;

• “the trustees or managers”, in relation to a pension scheme, means—

  1. (a)

     in the case of a scheme established under a trust, the trustees of the scheme, and

  2. (b)

     in any other case, the persons responsible for the management of the scheme.

A pension scheme is “FCA-regulated” if the operation of the scheme—

The provider of a pension scheme “operates” a non-scale default arrangement or main scale default arrangement if any assets held for the purposes of the scheme are held subject to the non-scale default arrangement or main scale default arrangement.