The Pensions Regulator (Employer Resources Test) Regulations 2021

Interpretation

2.—(1) In these Regulations—

“the Act” means the Pensions Act 2004;

“the 2006 Act” means the Companies Act 2006(1);

“accounting reference date” is determined in accordance with paragraph (2);

“annual accounts” has the meaning given in section 471 of the 2006 Act(2);

“charity” has the meaning given in section 1(1) of the Charities Act 2011(3) or the meaning given in section 106 of the Charities and Trustee Investment (Scotland) Act 2005(4) (as applicable);

“assessment period” means—

(a)

subject to (b), the period of 12 months ending on the relevant accounting reference date;

(b)

where the employer’s annual accounts cover a period ending not more than seven days either before or after the relevant accounting reference date, a period of no less than 51 weeks and no more than 53 weeks beginning on the day immediately after the previous accounting reference date;

“relevant accounting reference date” means the employer’s most recent accounting reference date immediately prior to the relevant time(5).

(2) Subject to regulation 4(7), the accounting reference date is to be determined in accordance with sections 391 and 392 of the 2006 Act.

(1)

2006 c. 46.

(2)

Section 471 of the Companies Act 2006 was amended by S.I. 2012/2301, S.I. 2013/1970, S.I. 2013/3008, S.I. 2016/1245 and S.I. 2019/970.

(3)

2011 c. 25.

(4)

2005 asp 10. Section 106 of the Charities and Trustee Investment (Scotland) Act 2005 was amended by S.I. 2009/1941, S.S.I. 2018/1, section 114(1) and paragraph 139 of Schedule 18 to the Financial Services Act 2012 (c. 21) and section 125(3) of the Public Services Reform (Scotland) Act 2010 (asp 8).

(5)

Relevant time has the meaning in section 38E(5) of the Pensions Act 2004.