Amendment of regulation 1 of the principal Regulations2
In regulation 1(2) of the principal Regulations (interpretation)—
a
after the definition of “company”3 there shall be inserted the following definition—
“COMPS employment” means employment in respect of which minimum payments are made to a money purchase pension scheme contracted out under section 5(3) of the Pension Schemes (Northern Ireland) Act 19934 (requirements for certification of schemes);
b
after the definition of “contributory benefit”5 there shall be inserted the following definitions—
“COSRS employment” means employment which qualifies an earner for a pension provided by a salary related scheme contracted out under section 5(2) of the Pension Schemes (Northern Ireland) Act 19936;
“director” means—
- a
in relation to a company whose affairs are managed by a board of directors or similar body, a member of that board or similar body;
- b
in relation to a company whose affairs are managed by a single director or similar person, that director or person;
- c
any person in accordance with whose directions or instructions the company’s directors as defined in paragraphs (a) and (b) of this definition are accustomed to act; and for this purpose a person is not to be treated as such a person by reason only that the directors act on advice given by him in his professional capacity;