# The Personal Pension Schemes (Conversion of Retirement Benefits Schemes) Regulations 2001, Regulation 2: Interpretation


(1) In these Regulations—
“administrator”—
(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
(b) in relation to a personal pension scheme, means the person referred to in section 638(1);
“the Board” means the Commissioners of Inland Revenue;
“continuing member” means a person who—
(a) is a member of the eligible scheme which is the subject of the application under paragraph 3 of Schedule 23ZA; and
(b) is to remain a member of the scheme if it becomes a personal pension scheme;
“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—
(a) a director (as defined in section 612(1)); and
(b) within paragraph (b) of section 417(5);
“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;
“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;
“date of change” has the meaning given in paragraph 3(2) of Schedule 23ZA;
“eligible scheme” means a retirement benefits scheme to which Schedule 23ZA applies;
“Part XIV” means Part XIV of the Taxes Act (pension schemes etc.);
“permitted amount” has the meaning given by regulation 7(4);
“personal pension scheme” has the meaning given in section 630;
“prescribed member” means a person who falls within one or more of the classes prescribed by regulation 6;
“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;
“relevant employer” means an employer by reference to employment with whom a continuing member is entitled to benefits under the eligible scheme;
“relevant year” means the year of assessment in which the application for approval as a personal pension scheme is made;
“retirement benefits scheme” has the meaning given in section 611; and
“the Taxes Act” means the Income and Corporation Taxes Act 1988.
(2) In these Regulations, except where the context otherwise requires—
(a) a reference to a numbered regulation is a reference to the regulation bearing that number in these Regulations;
(b) a reference in a regulation to a numbered paragraph is a reference to the paragraph bearing that number in that regulation;
(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
(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.

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Source: https://www.legislation.gov.uk/uksi/2001/118/regulation/2 (the official version)
Page: https://openlegislation.uk/personal-pension-schemes-conversion-of-retirement-benefits-schemes-regulations-2001/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.