Also referred to as a ‘5% director’, means a person who, within three years of retirement, death or leaving service, held more than 5% of the voting shares in the employer or its parent company. Shares held by a spouse/civil partner/qualified cohabitant and minor children are counted, as are shares held by a trust to which the director concerned had transferred shares. Proprietary directors qualify to invest in ARFs on retirement regardless of whether the scheme is a DC or DB scheme.