InterpretationE+W+S
5(1)In this Schedule—
“Consultative Council” means a Consultative Council established under section 7 of the M1Electricity Act 1947 for the area of an Area Board;
“employer”, in relation to a person employed by a company which is a wholly-owned subsidiary of another company, includes that other company;
“existing body” means any of the following, namely, the Area Boards, the Generating Board and the Electricity Council;
“existing employee” means any person who, immediately before the transfer date, is employed by an existing body or a Consultative Council, or falls to be treated as employed by an existing body by virtue of regulations made under section 54(4) of the M2Electricity Act 1947 (service as a member to count as service as an employee);
“former participant” means any person who, immediately before the transfer date, is not a participant in the scheme but has pension rights under the scheme by virtue of his having been such a participant;
“pension”, in relation to any person, means a pension of any kind payable to or in respect of him, and includes a lump sum, allowance or gratuity so payable and a return of contributions, with or without interest or any other addition;
“pension rights”, in relation to any person, includes—
(a)all forms of right to or eligibility for the present or future payment of a pension to or in respect of him; and
(b)any expectation of the accruer of a pension to or in respect of him;
and includes a right of allocation in respect of the present or future payment of a pension;
“the relevant enactments” means Chapter I of Part XIV of the M3Income and Corporation M4Taxes Act 1988 (retirement benefit schemes) and Part III of the Social Security Pensions Act 1975 (contracted-out pension schemes);
“relevant scheme” has the meaning given by paragraph 2(1) above;
“the scheme” has the meaning given by paragraph 1(1) above;
“wholly-owned subsidiary” has the same meaning as in the Companies Act 1985.
(2)For the purposes of this Schedule, a company is wholly owned by one or more other companies if it has no members except—
(a)that other or those others and its or their nominees; and
(b)wholly-owned subsidiaries of that other or those others and their nominees.
(3)Subject to sub-paragraph (1) above, expressions used in this Schedule which are also used in Part I or II of this Act have the same meanings as in that Part.