In this Part–

• “the 1993 Act” means the Pension Schemes Act 199340;

• “Chapters 4 and 5” means Chapters 4 and 5 of Part 4 of that Act (transfer values and early leavers)

• “club scheme” means an occupational pension scheme which–

  1. a

     (except where it is established and maintained in the Channel Islands or the Isle of Man) is a registered scheme;

  2. b

     provides benefits calculated by reference to final pay;

  3. c

     is open to new participants, or is a closed scheme the trustees or managers of which also provide an open scheme which is a club scheme for new employees of the same employer and of the same grade or level of post as the participants in the closed scheme; and

  4. d

     complies with reciprocal arrangements for the payment and receipt of transfer values with the schemes made under section 7 of the Superannuation Act 1972.