Part 30 of the Principal Act is amended by the insertion of the following Chapter after Chapter 2C:

"Chapter 2D Pan-European Pension Product

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;

'director', in relation to a company includes -

(a) in the case of a company the affairs of which are managed by a board of directors or similar body, a member of that board or body,