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5. In Schedule 1 (interpretation)—
(a)after the definition of “admission body” insert—
““the Advisory Board” means a board established under regulation 120 (scheme advisory board: establishment);”; and
(b)after the definition of “benefit crystallisation event” insert—
““the Board” means a board established under regulation 116 (pension board: establishment);”; and
(c)after the definition of “commutation amount” insert—
““conflict of interest” in relation to a person, means a financial or other interest which is likely to prejudice the person’s exercise of functions as a member of the Advisory Board or the Board (but does not include a financial or other interest merely by virtue of membership of the Scheme);”.
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