“employer-financed retirement benefits scheme” has the meaning given by section 393A of the Income Tax (Earnings and Pensions) Act 2003 M1 (employer-financed retirement benefits scheme);

“public service pension scheme” has the meaning given by section 1(1) of the Pension Schemes Act 1993 M2;

“small occupational pension scheme” means—

1. a

   a scheme with fewer than twelve members where all of the members are trustees of the scheme and either—

   1. i

      the provisions of the scheme provide that F4any decision made by the trustees is made by the unanimous agreement of the trustees who are members of the scheme, or

   2. ii

      the scheme has a trustee who is independent in relation to the scheme for the purposes of section 23 of the Pensions Act 1995 M3 (power to appoint independent trustees) and is registered in the register maintained by the Regulator in accordance with regulations made under subsection (4) of that section;

2. b

   a scheme with fewer than twelve members F5where a company is the sole trustee of the scheme, and all the members of the scheme are directors of the company and either—

   1. i

      the provisions of the scheme provide that any decision made by the company in its capacity as trustee F6is made by the unanimous agreement of the directors who are members of the scheme, or

   2. ii

      F7one of the directors of the company is independent in relation to the scheme for the purposes of section 23 of the Pensions Act 1995 and is registered in the register maintained by the Regulator in accordance with regulations made under subsection (4) of that section; and

“unregistered occupational pension scheme” means an occupational pension scheme which is not registered under section 153 of the Finance Act 2004 M4 (registration of pension schemes).