In these Regulations—

• “administrator”—

  1. a

     in relation to a retirement benefits scheme, has the meaning given by section 611AA2 and, in relation to a scheme which secures relevant benefits falling within section 591(2A)3 by means of an annuity contract, includes the insurance company with which the contract is made; and

  2. b

     in relation to a personal pension scheme, means the person referred to in section 638(1);

• “the Board” means the Commissioners of Inland Revenue;

• “continuing member” means a person who—

  1. a

     is a member of the eligible scheme which is the subject of the application under paragraph 3 of Schedule 23ZA; and

  2. b

     is to remain a member of the scheme if it becomes a personal pension scheme;

• “controlling director” means a person who is, or was within the 10 years immediately preceding the date of the application under paragraph 3 of Schedule 23ZA, in relation to a relevant employer—

  1. a

     a director (as defined in section 612(1)); and

  2. b

     within paragraph (b) of section 417(5);

• “conversion assets value” means the sum which has been calculated, within the period of three months ending with the date of the application under paragraph 3 of Schedule 23ZA, as representing a member’s benefits under the retirement benefits scheme which is the subject of that application;

• “conversion payment” means the amount to be held subject to a personal pension scheme representing an individual member’s benefits at the date of change;

• “date of change” has the meaning given in paragraph 3(2) of Schedule 23ZA;

• “eligible scheme” means a retirement benefits scheme to which Schedule 23ZA applies4;

• “Part XIV” means Part XIV of the Taxes Act (pension schemes etc.);

• “permitted amount” has the meaning given by regulation 7(4);

• “personal pension scheme” has the meaning given in section 6305;

• “prescribed member” means a person who falls within one or more of the classes prescribed by regulation 6;

• “qualifying scheme” means a retirement benefits scheme which, if the conditions prescribed under paragraph 2(3)(d) of Schedule 23ZA were met, would be an eligible scheme;

• “relevant employer” means an employer by reference to employment with whom a continuing member is entitled to benefits under the eligible scheme;

• “relevant year” means the year of assessment in which the application for approval as a personal pension scheme is made;

• “retirement benefits scheme” has the meaning given in section 6116; and

• “the Taxes Act” means the Income and Corporation Taxes Act 1988.