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The Occupational Pension Schemes (Scheme Administration) Regulations 1996

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[F1General interpretationE+W+S

31.(1) In this Part—

the 2019 Order” means the Investment Consultancy and Fiduciary Management Market Investigation Order 2019;

actuarial valuation” has the meaning that it has for the purposes of Part 3 of the 2004 Act (see section 224 of that Act);

the commencement date” means the day on which the Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2022 come into force;

company” has the meaning given in section 1 of the Companies Act 2006;

existing IC provider” has the meaning given in regulation 34(5);

fund manager” has the meaning given in section 124 of the 1995 Act;

IC provider” has the meaning given in regulation 34(2);

relevant trust scheme” has the meaning given in regulation 30(2);

statement of investment principles” has the meaning given in section 35 of the 1995 Act;

the statutory funding objective” has the meaning given for the purposes of Part 3 of the 2004 Act (see section 222 of that Act);

trustee owned company” has the meaning given in paragraph (2).

(2) Trustee owned company”, in relation to a relevant trust scheme (“scheme 1”), means—

(a)a company limited by shares in which—

(i)a scheme 1 person holds voting shares, and

(ii)no one other than a relevant person also holds shares, or

(b)a company limited by guarantee of which—

(i)a scheme 1 person is a member, and

(iii)no one other than a relevant person is also a member.

(3) For the purposes of paragraph (2)—

relevant person” means—

(a)

a trustee of any occupational pension scheme, or

(b)

any company which is itself a trustee owned company;

scheme 1 person” means—

(a)

a trustee of scheme 1, or

(b)

a company which is itself a trustee owned company in relation to scheme 1;

voting shares” means shares which carry rights to vote at general meetings of the company in question.

(4) For the purposes of this Part, a person (“A”) is connected to another person (“B”) if A is a group undertaking in relation to B (within the meaning of section 1161(5) of the Companies Act 2006).

(5) For the purposes of this Part, a reference to the appointment of a person in any capacity includes a reference to—

(a)the reappointment of that person, and

(b)the extension of that person’s term of appointment.

(6) For the purposes of this Part, it does not matter whether any advice is given—

(a)for the purposes of section 36 of the 1995 Act (choosing investments) or otherwise, or

(b)in a recommendation or in guidance or otherwise.]

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