Regulation 1 Citation, commencement and interpretation

These Regulations may be cited as the Personal Pension Schemes (Transfer Values) Regulations 1987 and shall come into force on 27th July 1987.

In these Regulations, unless the context otherwise requires—

• “the Act” means the F1Pension Schemes Act 1993;

• F2...

• “cash equivalent” has the same meaning as in F3F4Chapter 1 of Part 4ZA of the Act as it applies to personal pension schemes;

• F5“initial cash equivalent” means the amount calculated in accordance with regulation 3(2) to (4);

• “member” means a member of a personal pension scheme to whom F6Chapter 1 of Part 4ZA of the Act applies;

• F7...

• ...

• F8“personal pension scheme” has the same meaning as in section 181(1) of the Act;

• F9...

• “receiving scheme” means a scheme under whose rules transfer credits or rights are to be acquired by a member in exercise of his choice under F10section 95(3)(a) or (b) of the Act;

• “scheme” means occupational pension scheme or personal pension scheme;

• “trustees”, in relation to a scheme which is not set up or established under a trust, means the managers of the scheme;

and other expressions have the same meaning as in F11Chapter 1 of Part 4ZA of the Act as it applies to personal pension schemes.