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AI Summary of 787V. Interpretation.
This chapter defines key terms relevant to the Personal European Pension Product (PEPP) regulations, including 'approved retirement fund', 'contract of employment', and 'contributor'. It outlines the roles of employees and employers within the context of employment contracts and defines contributions as payments made towards a PEPP on behalf of a contributor.
Further, the chapter details the various limits on employer contributions, ensuring compliance with existing regulations. Notably, terms aligned with the PEPP Regulation retain their defined meanings, maintaining clarity and regulatory consistency.
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787V. Interpretation.
(1) In this Chapter, unless the context otherwise requires -
"approved retirement fund" has the same meaning as it has in section 784A;
"contract of employment" means -(a) a contract of service or apprenticeship, or(b) any other contract whereby an individual agrees with another person, who is carrying on the business of an employment agency (within the meaning of the Employment Agency Act 1971) and is acting in the course of that business, to do or perform personally any work or service for a third person (whether or not the third person is party to the contract),whether the contract is express or implied or if express, whether it is oral or in writing;
"contribution" means a payment made directly or indirectly by or on behalf of a contributor to the relevant PEPP contract of a PEPP provider for investment on the contributor's behalf in accordance with the terms of the PEPP contract;
"contributor" means an individual who enters into a PEPP contract with a PEPP provider;