{
  "url": "https://openlegislation.uk/personal-pension-schemes-conversion-of-retirement-benefits-schemes-regulations-2001/regulation-2",
  "json_url": "https://openlegislation.uk/personal-pension-schemes-conversion-of-retirement-benefits-schemes-regulations-2001/regulation-2.json",
  "legislation": "uksi/2001/118",
  "legislation_title": "The Personal Pension Schemes (Conversion of Retirement Benefits Schemes) Regulations 2001",
  "legislation_url": "https://openlegislation.uk/personal-pension-schemes-conversion-of-retirement-benefits-schemes-regulations-2001",
  "path": "regulation/2",
  "kind": "regulation",
  "number": "2",
  "heading": "Interpretation",
  "text": "(1) In these Regulations—\n“administrator”—\n(a) in relation to a retirement benefits scheme, has the meaning given by section 611AA and, in relation to a scheme which secures relevant benefits falling within section 591(2A) by means of an annuity contract, includes the insurance company with which the contract is made; and\n(b) in relation to a personal pension scheme, means the person referred to in section 638(1);\n“the Board” means the Commissioners of Inland Revenue;\n“continuing member” means a person who—\n(a) is a member of the eligible scheme which is the subject of the application under paragraph 3 of Schedule 23ZA; and\n(b) is to remain a member of the scheme if it becomes a personal pension scheme;\n“controlling director” means a person who is, or was within the 10 years immediately preceding the date of the application under paragraph 3 of Schedule 23ZA, in relation to a relevant employer—\n(a) a director (as defined in section 612(1)); and\n(b) within paragraph (b) of section 417(5);\n“conversion assets value” means the sum which has been calculated, within the period of three months ending with the date of the application under paragraph 3 of Schedule 23ZA, as representing a member’s benefits under the retirement benefits scheme which is the subject of that application;\n“conversion payment” means the amount to be held subject to a personal pension scheme representing an individual member’s benefits at the date of change;\n“date of change” has the meaning given in paragraph 3(2) of Schedule 23ZA;\n“eligible scheme” means a retirement benefits scheme to which Schedule 23ZA applies;\n“Part XIV” means Part XIV of the Taxes Act (pension schemes etc.);\n“permitted amount” has the meaning given by regulation 7(4);\n“personal pension scheme” has the meaning given in section 630;\n“prescribed member” means a person who falls within one or more of the classes prescribed by regulation 6;\n“qualifying scheme” means a retirement benefits scheme which, if the conditions prescribed under paragraph 2(3)(d) of Schedule 23ZA were met, would be an eligible scheme;\n“relevant employer” means an employer by reference to employment with whom a continuing member is entitled to benefits under the eligible scheme;\n“relevant year” means the year of assessment in which the application for approval as a personal pension scheme is made;\n“retirement benefits scheme” has the meaning given in section 611; and\n“the Taxes Act” means the Income and Corporation Taxes Act 1988.\n(2) In these Regulations, except where the context otherwise requires—\n(a) a reference to a numbered regulation is a reference to the regulation bearing that number in these Regulations;\n(b) a reference in a regulation to a numbered paragraph is a reference to the paragraph bearing that number in that regulation;\n(c) a reference in a paragraph to a lettered sub-paragraph is a reference to the sub-paragraph bearing that letter in that paragraph; and\n(d) a reference to a numbered section or Schedule is a reference to the section of, or Schedule to, the Taxes Act bearing that number.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 611AA was inserted by section 103 of the Finance Act 1994 (c. 9)."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Section 591(2A) was inserted by section 107(3) of the Finance Act 1994."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "See paragraph 2 of Schedule 23ZA."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Section 630 was amended by Schedule 11 to the Finance Act 1995 (c. 4) and paragraph 5 of Schedule 13 to the Finance Act 2000."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "Section 611 has been amended by paragraph 9(1) of Schedule 10 to the Finance Act 1999 (c. 16) and paragraph 4 of Schedule 13 to the Finance Act 2000."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2001/118/regulation/2",
    "retrieved_at": "2026-10-29T08:07:02.883555+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."
}