- administration charge
has the meaning given by paragraph 1(5) of Schedule 18 to the Pensions Act 2014;
- appropriate addition
means—
- appropriate annuity
means an annuity which satisfies prescribed requirements and is purchased from an insurer who—
- appropriate percentage
means— where N is the number of years in the earner’s working life (assuming he will attain pensionable age) which fall after 5th April 1978.
- Appropriate scheme certificate
means a certificate of the kind mentioned in subsection (6).
- appropriately secured
means secured by an appropriate policy of insurance or an appropriate annuity contract, or by more than one such policy or contract.
- average salary benefit
means benefit the rate or amount of which is calculated by reference to the average salary of a member over the period of service on which the benefit is based;
- benefits
means— (i) retirement benefit for the member himself at normal pension age, or (ii) benefit for the member’s wife, husband, civil partner, widow, widower, or surviving civil partner, or dependants, or others, on his attaining that age or his later death, or (iii) both such descriptions of benefit.
- bonus credits
means supplementary credits other than purchased credits or transfer credits.
- Bracket 3
has the meaning given in section 9(3) of the Social Security Contributions and Benefits Act 1992.
- cash balance benefit
has the meaning given by regulation 2 of the Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014;
- cash transfer sum
means, in relation to a member of an occupational pension scheme, the cash equivalent, at the date on which his pensionable service terminates, of the benefits mentioned in section 101AA(4)(b).
- civil recovery order
means an order under section 266 of the Proceeds of Crime Act 2002 or an order under section 276 imposing the requirement mentioned in section 277(3). • “collective money purchase benefit” has the meaning given by section 1 of the Pension Schemes Act 2021;
- collective money purchase benefit
has the meaning given by section 1 of the Pension Schemes Act 2021;
- competent authority
includes—
- continental shelf operations
means any activities which, if paragraphs (a) and (d) of subsection (8) of section 11 of the Petroleum Act 1998 (application of civil law to certain off-shore activities) were omitted, would nevertheless fall within subsection (2) of that section;... •................................
- contract of service
has the same meaning as in section 122(1) of the Social Security Contributions and Benefits Act 1992;
- Contracting-out certificate
means a certificate of the kind mentioned in subsection (2).
- contravention
includes failure to comply, and “Scottish partnership” means a partnership constituted under the law of Scotland.
- contribution refund
means, in relation to a member of an occupational pension scheme, a sum representing the aggregate of—
- contributions equivalent premium
means a premium that was paid undersection 55(2);
- designated scheme
means a funded public service defined benefits scheme, or part of such a scheme, that (on the date of the application under section 95(1)) is designated under section 97A or 97B.
- direct payment arrangements
means arrangements under which contributions fall to be paid by or on behalf of the employer towards the scheme—
- eligible scheme
has the meaning given by subsection (1);
- employee
means a person gainfully employed in Great Britain either under a contract of service or in an office (including an elective office) with earnings;
- employee contributions
means, in relation to a member of an occupational pension scheme, contributions made to the scheme by or on behalf of the member on his own account, but does not include—
- employer
means— (a) in the case of an employed earner employed under a contract of service, his employer;
- employment
includes any trade, business, profession, office or vocation and “employed” shall be construed accordingly except in the expression “employed earner”;
- employments
has the same meaning as in that Chapter.
- final relevant year
means the last tax year in the earner’s working life.
- Financial Services Compensation Scheme
means the Financial Services Compensation Scheme referred to in section 213(2) of the Financial Services and Markets Act 2000. • “the first abolition date” has the meaning given by section 7A;
- financial year
means a period of 12 months ending with 31st March.
- flat rate benefit
means any benefit the rate or amount of which is calculated by reference solely to the member’s length of service;
- flexible benefit
has the meaning given by section 74 of the Pension Schemes Act 2015;
- flexible benefits
has the meaning given by section 74 of the Pension Schemes Act 2015;
- funded public service defined benefits scheme
means a public service pension scheme that— (a) is a defined benefits scheme within the meaning given by section 37 of the Public Service Pensions Act 2013, and (b) meets its liabilities out of a fund accumulated for the purpose during the life of the scheme;
- group insurance business
means— and in this paragraph “registered friendly society” and “incorporated friendly society” have the same meaning as in that Act of 1992.
- guaranteed minimum pension
has the meaning given in section 8(2);
- HMRC
means the Commissioners for Her Majesty's Revenue and Customs;
- holiday pay
means— (a) pay in respect of holiday actually taken;
- independent trade union
has the same meaning as in the Trade Union and Labour Relations (Consolidation) Act 1992;
- industrial tribunal
means a tribunal established or having effect as if established under section 1(1) of the Industrial Tribunals Act 1996;
- insurer
means—
- linked qualifying service
has the meaning given in section 179;
- liquidator or person performing a similar task
includes the official receiver or an administrator, trustee in bankruptcy, judicial factor, supervisor of a voluntary arrangement, or person performing a similar task,
- local authority
means— (a) a county or district council in England, (b) a county or county borough council in Wales, (c) a London borough council, (d) the Greater London Authority, (e) the Common Council of the City of London in its capacity as a local authority, or (f) the Council of the Isles of Scilly;
- long term insurance business
means business which consists of the effecting or carrying out of contracts of long-term insurance.
- long-term benefit
has the meaning given in section 20(2) of the Social Security Contributions and Benefits Act 1992;
- member
has the meaning given in section 101AA(5);
- minimum payment
has the meaning given in section 8(2);
- modifications
includes additions, omissions and amendments, and related expressions shall be construed accordingly;
- money purchase contracted-out scheme
has the same meaning as in section 8(1)(a)(ii) of the Pensions Act;” ““pensionable age” has the same meaning as in section 122 of the Contributions and Benefits Act”
- money purchase scheme
means a pension scheme under which all the benefits that may be provided are money purchase benefits;
- normal pension age
has the meaning given in section 180;
- Northern Ireland contributions equivalent premium
means a contributions equivalent premium within the meaning of the Pension Schemes (Northern Ireland) Act 1993.
- Northern Ireland public service pension scheme
means a public service pension scheme within the meaning of section 176(1) of that Act;
- Northern Ireland salary related contracted-out scheme
means a salary related contracted-out scheme within the meaning of the Pension Schemes (Northern Ireland) Act 1993 (and references to employment that is contracted-out by reference to a scheme are to be read accordingly);
- occupational pension scheme
has the meaning given in section 1;
- ordinary effect
means the effect which the section has in relation to same sex married couples in cases that are not relevant gender change cases.
- Other relevant information
means other information which would or may assist in making comparisons between those costs or charges and costs or charges in relation to other schemes.
- overseas arrangement
means a scheme or arrangement which— ((a)) has effect, or is capable of having effect, so as to provide benefits on termination of employment or on death or retirement to or in respect of earners;
- payment out of public funds
means a payment provided directly or indirectly— (a) out of the Scottish Consolidated Fund, or (b) by a council constituted under section 2 of the Local Government etc.
- pension credit
means a credit under section 29(1)(b) of the Welfare Reform and Pensions Act 1999 or under corresponding Northern Ireland legislation;
- pension credit rights
means rights to future benefits under a scheme which are attributable (directly or indirectly) to a pension credit;
- pension debit
means a debit under section 29(1)(a) of the Welfare Reform and Pensions Act 1999;
- pensionable service
has the meaning given in section 70(2);
- pensions guidance
means information or guidance provided by any person in pursuance of the requirements mentioned in section 4 of the Financial Guidance and Claims Act 2018 (information etc about flexible benefits under pension schemes).
- personal pension scheme
has the meaning given in section 1;
- premium
means a contributions equivalent premium
- prescribe
means prescribe by regulations and “prescribed” shall be construed accordingly;
- protected provision
means—
- protected rights
has the meaning given in section 10, as it had effect immediately prior to the first abolition date;
- public service pension scheme
has the meaning given in section 1;
- purchased credits
means supplementary credits for which, under the rules of the scheme, a member may or must make a payment in whole or in part (whether by means of additional contributions, or of deduction from benefit, or otherwise, and whether separately for each credit or by one or more payments for one or more credits);
- qualifying scheme
means a funded occupational pension scheme and a personal pension scheme;
- rebate percentage
means the appropriate flat rate percentage for the tax year in which the week falls as specified in an order made under section 42B (as it had effect before the first abolition date).
- regulated information
means information received by the Secretary of State in connection with his functions under— other than information supplied to him under section 235(2) of, or paragraph 2 of Schedule 10 to, the Pensions Act 2004 (supply of information for retirement planning purposes etc).
- regulations
means regulations made by the Secretary of State under this Act;
- relevant benefits
means benefits which are not attributable (directly or indirectly) to a pension credit;
- relevant contributions
means contributions falling to be paid by an employer to an occupational pension scheme or a personal pension scheme, either on his own account or on behalf of a worker;
- relevant decision
means any decision which under subsection (2) falls to be made by an officer of the Inland Revenue, other than a decision under section 53....
- relevant gender change case
has the same meaning as in that section;
- relevant legislative provision
means any provision contained in any of the following provisions—
- relevant scheme
means a money purchase scheme that is an occupational pension scheme.
- relevant year
means any tax year in the earner’s working life (not being earlier than the tax year 1978-79 or later than the tax year ending immediately before the principal appointed day).
- remuneration
includes holiday pay, statutory sick pay, statutory maternity pay under Part V of the Social Security Act 1986 or Part XII of the Social Security Contributions and Benefits Act 1992 and any payment such as is referred to in section 184(2) of the Employment Rights Act 1996.
- retail prices index
means— a the general index of retail prices (for all items) published by the Statistics Board (or any predecessor), or b where that index is not published for a month, any substituted index or figures published by the Board (or any predecessor).”
- Revenue and Customs officials
has the meaning given by section 18 of the Commissioners for Revenue and Customs Act 2005 (confidentiality).
- salaries
means, subject to sub-paragraph (4), the member’s salaries for the period between the date when his pensionable service began and the termination date, or such part of them as was relevant under the scheme to the calculation of the retirement benefits payable under the scheme to him or to any other person in respect of him.
- scheme
means an occupational pension scheme to which this Chapter applies;
- Scottish partnership
means a partnership constituted under the law of Scotland.
- short service benefit
has the meaning given in section 71(2);
- special effect
means the effect which the section has (if regulations under subsection (1) of this section are ignored) in relation to relevant gender change cases, insofar as that effect is different from the section's ordinary effect;
- statement of entitlement
has the meaning given by section 93A;
- tax week
means one of the successive periods in a tax year beginning with the first day of that year and every seventh day thereafter, the last day of a tax year (or, in a leap year, the last two days) being treated accordingly as a separate tax week;
- tax year
means the 12 months beginning with 6th April in any year;
- the accrued benefit
means the amount of the pension or other benefit which on the termination date has accrued to the member or to any other person in respect of the member (excluding any part of that amount which consists of—
- the applicable limit
means—
- the applicable rules
means— (a) the rules of the scheme, except so far as overridden by a relevant legislative provision, (b) the relevant legislative provisions, to the extent that they have effect in relation to the scheme and are not reflected in the rules of the scheme, and (c) any provision which the rules of the scheme do not contain but which the scheme must contain if it is to conform with the requirements of Chapter 1 of this Part;
- the appropriate amount
means the aggregate of—
- the appropriate court
means—
- the appropriate higher revaluation percentage
means the higher revaluation percentage specified in the last calendar year before the date on which the member attains normal pension age as the higher revaluation percentage for the revaluation period which is of the same length as the number of complete years in the pre-pension period;
- the appropriate person
means—
- the appropriate proportion of the credits
means—
- The appropriate regulator
means—
- the assumed later unguaranteed element
means the amount by which the relevant sum would exceed the earner’s guaranteed minimum (or, in the case of a widow's, widower’s or surviving civil partner's pension, one half of that minimum) on the assumptions mentioned in subsection (3).
- the conversion date
means the date on which that amendment takes effect,
- the converted scheme
means the scheme as it has effect immediately after conversion, and
- the court
means—
- the first abolition date
has the meaning given by section 7A;
- the former legislation
means Part III of the National Insurance Act 1965 and the previous corresponding enactments.
- the guarantee date
means the date by reference to which the value of the cash equivalent is calculated, and must be—
- the Inland Revenue
means the Commissioners of Inland Revenue;
- the later earnings addition
means the amount (if any) by which the assumed later unguaranteed element exceeds the unguaranteed element.
- the percentage for contributing earners
means... 3 per cent,... • “the percentage for non-contributing earners” means... 4.8 per cent,... • “reckonable earnings”, in relation to any employment, means the earner’s earnings from that employment so far as those earnings— (a) were comprised in any payment of earnings made to him or for his benefit at a time when the employment was contracted-out employment;
- the percentage for non-contributing earners
means... 4.8 per cent,... • “reckonable earnings”, in relation to any employment, means the earner’s earnings from that employment so far as those earnings— (a) were comprised in any payment of earnings made to him or for his benefit at a time when the employment was contracted-out employment;
- the post-conversion benefits
means the benefits which are provided under the converted scheme in relation to P,
- the pre-conversion benefits
means the benefits provided under the scheme in relation to P immediately before the conversion date,
- the preservation requirements
has the meaning given in section 69(2);
- the principal appointed day
means 6 April 1997 (which is the day designated as the principal appointed day for the purposes of Part 3 of the Pensions Act 1995);
- the Regulatory Authority
means the Pensions Regulator;
- the relevant aggregate
means the aggregate of the following—
- the relevant amount
means an amount equal to the aggregate of— a the additional pension;
- the relevant legislation
means the Friendly Societies Act 1974, the Friendly Societies Act 1992 andsection 464 of the Income and Corporation Taxes Act 1988;
- the relevant person
means— (a) in relation to a scheme established by virtue of paragraph 12 of Schedule 6 to the Constitutional Reform and Governance Act 2010 (or treated as so established), the Independent Parliamentary Standards Authority and the trustees of the Parliamentary Contributory Pension Fund;
- the relevant sum
means—
- the relevant time
means the time when the policy of insurance was taken out or the annuity contract was entered into or, as the case may be, when the benefit of the policy or contract was transferred.
- the repealed enactments
means the enactments repealed or revoked by this Act.
- the second abolition date
has the meaning given by section 7A;
- the unguaranteed element
means the amount by which the relevant sum exceeds the earner’s guaranteed minimum on the day after his cessation date or, in the case of a widow's, widower’s or surviving civil partner's pension, one half of that minimum;
- the upper accrual point
has the meaning given by section 122 of the Social Security Contributions and Benefits Act 1992;
- transfer credits
means rights allowed to an earner under the rules of an occupational pension scheme by reference to — (a) a transfer to the scheme of, or transfer payment to the trustees or managers of the scheme in respect of, any of his rights (including transfer credits allowed) under another occupational pension scheme or a personal pension scheme, other than rights attributable (directly or indirectly) to a pension credit, or (b) a cash transfer sum paid under Chapter 2 of Part 4ZA in respect of him, to the trustees or managers of the scheme;
- transfer notice
means a notice under subsection (1).
- unfunded public service defined benefits scheme
means a public service pension scheme that—
- valuation date
means the date by reference to which the amount shown in the relevant statement under section 101H is determined.
- week
means any period of seven consecutive days.