Regulation 2 Amendment of regulation 1 of the principal Regulations

In regulation 1(2) of the principal Regulations (interpretation)^f1 at the appropriate places, insert—

• ““COMPS employment” means employment in respect of which minimum payments are made to a money purchase pension scheme contracted out under section 9(3) of the Pension Schemes Act 1993^f2;

• “COSRS employment” means employment which qualifies an earner for a pension provided by a salary related scheme contracted out under section 9(2) of the Pension Schemes Act 1993^f3;

• “director” means—

  1. (a)

     in relation to a company whose affairs are managed by a board of directors or similar body, a member of that board or similar body;

  2. (b)

     in relation to a company whose affairs are managed by a single director or similar person, that director or person;

  3. (c)

     any person in accordance with whose directions or instructions the company’s directors as defined in (a) and (b) above are accustomed to act; and for this purpose a person is not to be treated as such a person by reason only that the directors act on advice given by him in his professional capacity;”.