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2.—(1) In these Regulations—
“administrator”—
in relation to a retirement benefits scheme, has the meaning given by section 611AA(1) and, in relation to a scheme which secures relevant benefits falling within section 591(2A)(2) by means of an annuity contract, includes the insurance company with which the contract is made; and
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—
is a member of the eligible scheme which is the subject of the application under paragraph 3 of Schedule 23ZA; and
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—
a director (as defined in section 612(1)); and
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 applies(3);
“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 630(4);
“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 611(5); and
“the Taxes Act” means the Income and Corporation Taxes Act 1988.
(2) In these Regulations, except where the context otherwise requires—
(a)a reference to a numbered regulation is a reference to the regulation bearing that number in these Regulations;
(b)a reference in a regulation to a numbered paragraph is a reference to the paragraph bearing that number in that regulation;
(c)a reference in a paragraph to a lettered sub-paragraph is a reference to the sub-paragraph bearing that letter in that paragraph; and
(d)a reference to a numbered section or Schedule is a reference to the section of, or Schedule to, the Taxes Act bearing that number.
Section 611AA was inserted by section 103 of the Finance Act 1994 (c. 9).
Section 591(2A) was inserted by section 107(3) of the Finance Act 1994.
See paragraph 2 of Schedule 23ZA.
Section 630 was amended by Schedule 11 to the Finance Act 1995 (c. 4) and paragraph 5 of Schedule 13 to the Finance Act 2000.
Section 611 has been amended by paragraph 9(1) of Schedule 10 to the Finance Act 1999 (c. 16) and paragraph 4 of Schedule 13 to the Finance Act 2000.