Interpretation of Part
72. In this Part–
“the 1993 Act” means the Pension Schemes Act 1993(1);
“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–
(except where it is established and maintained in the Channel Islands or the Isle of Man) is a registered scheme;
provides benefits calculated by reference to final pay;
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
complies with reciprocal arrangements for the payment and receipt of transfer values with the schemes made under section 7 of the Superannuation Act 1972.
1993 c. 48; Part 5 was inserted by the Pensions Act 2004 (c. 35), section 264.