- actuarial equivalence statement
means a statement in writing which—
- appointed day
means the day appointed under section 126(2) of the 2004 Act (no pension protection under Chapter 3 of Part 2 of that Act if the scheme begins winding up before the day appointed by the Secretary of State),
- appropriate rights
has the same meaning as in paragraph 5 of Schedule 5 to the Welfare Reform and Pensions Act 1999 (pension credits: mode of discharge);
- bankrupt
has the meaning given by section 381 of the Insolvency Act 1986, • “company” means a company as defined in section 1(1) of the Companies Act 2006 or a company which may be wound up under Part V of the Insolvency Act 1986 (unregistered companies),... •................................
- benefits under a pension scheme
includes any benefits by way of pension, whether under a pension scheme or not;
- company
means a company as defined in section 1(1) of the Companies Act 2006 or a company which may be wound up under Part V of the Insolvency Act 1986 (unregistered companies),... •................................
- consumer prices index
means— (a) the general index of consumer prices (for all items) published by the Statistics Board, or (b) where that index is not published for a month, any substituted index or figures published by the Board;
- contravention
includes failure to comply, • “deferred member”, in relation to an occupational pension scheme, means a person (other than an active or pensioner member) who has accrued rights under the scheme, • “employer”, in relation to an occupational pension scheme, means the employer of persons in the description of employment to which the scheme in question relates (but see section 125(3)), • “equal treatment rule” has the meaning given by section 62, • “firm” means a body corporate or a partnership, • “fund manager”, in relation to an occupational pension scheme, means a person who manages the investments held for the purposes of the scheme, • “independent trustee” has the meaning given by section 23(3), • “managers”, in relation to an occupational pension scheme other than a trust scheme, means the persons responsible for the management of the scheme, • “member”, in relation to an occupational pension scheme, means any active, deferred, pensioner or pension credit member (but see section 125(4)), •................................ •................................ •................................ • “normal pension age” has the meaning given by section 180 of the Pension Sc
- Deposit taker
means—
- Detrimental modification
means a modification, other than a prohibited modification, of an occupational pension scheme which on taking effect would or might adversely affect any subsisting right of—
- discretionary award
means an award of a prescribed description;
- employer-related investments
means— (a) shares or other securities issued by the employer or by any person who is connected with, or an associate of, the employer, (b) land which is occupied or used by, or subject to a lease in favour of, the employer or any such person, (c) property (other than land) which is used for the purposes of any business carried on by the employer or any such person, (d) loans to the employer or any such person, and (e) other prescribed investments, •................................
- enactment
includes an enactment comprised in subordinate legislation (within the meaning of the Interpretation Act 1978), • “occupational pension scheme” and “personal pension scheme” have the meaning given by section 1 of the Pension Schemes Act 1993, and the definition of “enactment” shall apply for the purposes of section 114 as if “Act” in section 21(1) of the Interpretation Act 1978 included any enactment.
- equal treatment rule
has the meaning given by section 62, • “firm” means a body corporate or a partnership, • “fund manager”, in relation to an occupational pension scheme, means a person who manages the investments held for the purposes of the scheme, • “independent trustee” has the meaning given by section 23(3), • “managers”, in relation to an occupational pension scheme other than a trust scheme, means the persons responsible for the management of the scheme, • “member”, in relation to an occupational pension scheme, means any active, deferred, pensioner or pension credit member (but see section 125(4)), •................................ •................................ •................................ • “normal pension age” has the meaning given by section 180 of the Pension Schemes Act 1993, • “payment schedule” has the meaning given by section 87(2), • “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 member”, in relation to an occupational pension scheme, means a person who has rights under the scheme which are attributable (directly or indirectly) to
- firm
means a body corporate or a partnership, • “fund manager”, in relation to an occupational pension scheme, means a person who manages the investments held for the purposes of the scheme, • “independent trustee” has the meaning given by section 23(3), • “managers”, in relation to an occupational pension scheme other than a trust scheme, means the persons responsible for the management of the scheme, • “member”, in relation to an occupational pension scheme, means any active, deferred, pensioner or pension credit member (but see section 125(4)), •................................ •................................ •................................ • “normal pension age” has the meaning given by section 180 of the Pension Schemes Act 1993, • “payment schedule” has the meaning given by section 87(2), • “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 member”, in relation to an occupational pension scheme, means a person who has rights under the scheme which are attributable (directly or indirectly) to a pension credit, • “pension credit rights”, in relation to a
- guarantee date
has the same meaning as in section 93A.”
- independent trustee
has the meaning given by section 23(3), • “managers”, in relation to an occupational pension scheme other than a trust scheme, means the persons responsible for the management of the scheme, • “member”, in relation to an occupational pension scheme, means any active, deferred, pensioner or pension credit member (but see section 125(4)), •................................ •................................ •................................ • “normal pension age” has the meaning given by section 180 of the Pension Schemes Act 1993, • “payment schedule” has the meaning given by section 87(2), • “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 member”, in relation to an occupational pension scheme, means a person who has rights under the scheme which are attributable (directly or indirectly) to a pension credit, • “pension credit rights”, in relation to an occupational pension scheme, means rights to future benefits under the scheme which are attributable (directly or indirectly) to a pension credit, • “pensionable service”, in relation to a memb
- multi-employer scheme
means a trust scheme which applies to earners in employments under different employers.
- normal pension age
has the meaning given by section 180 of the Pension Schemes Act 1993, • “payment schedule” has the meaning given by section 87(2), • “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 member”, in relation to an occupational pension scheme, means a person who has rights under the scheme which are attributable (directly or indirectly) to a pension credit, • “pension credit rights”, in relation to an occupational pension scheme, means rights to future benefits under the scheme which are attributable (directly or indirectly) to a pension credit, • “pensionable service”, in relation to a member of an occupational pension scheme, means service in any description of employment to which the scheme relates which qualifies the member (on the assumption that it continues for the appropriate period) for pension or other benefits under the scheme, • “pensioner member”, in relation to an occupational pension scheme, means a person who in respect of his pensionable service under the scheme or by reason of transfer credits, is entitled to the present payment
- payment schedule
has the meaning given by section 87(2), • “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 member”, in relation to an occupational pension scheme, means a person who has rights under the scheme which are attributable (directly or indirectly) to a pension credit, • “pension credit rights”, in relation to an occupational pension scheme, means rights to future benefits under the scheme which are attributable (directly or indirectly) to a pension credit, • “pensionable service”, in relation to a member of an occupational pension scheme, means service in any description of employment to which the scheme relates which qualifies the member (on the assumption that it continues for the appropriate period) for pension or other benefits under the scheme, • “pensioner member”, in relation to an occupational pension scheme, means a person who in respect of his pensionable service under the scheme or by reason of transfer credits, is entitled to the present payment of pension or other benefits..., • “prescribed” means prescribed by regulations, • “professio
- 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 member”, in relation to an occupational pension scheme, means a person who has rights under the scheme which are attributable (directly or indirectly) to a pension credit, • “pension credit rights”, in relation to an occupational pension scheme, means rights to future benefits under the scheme which are attributable (directly or indirectly) to a pension credit, • “pensionable service”, in relation to a member of an occupational pension scheme, means service in any description of employment to which the scheme relates which qualifies the member (on the assumption that it continues for the appropriate period) for pension or other benefits under the scheme, • “pensioner member”, in relation to an occupational pension scheme, means a person who in respect of his pensionable service under the scheme or by reason of transfer credits, is entitled to the present payment of pension or other benefits..., • “prescribed” means prescribed by regulations, • “professional adviser”, in relation to a scheme, has the meaning given
- pension scheme
means an occupational pension scheme or a personal pension scheme (applying the definitions in section 1 of the Pension Schemes Act 1993, but as if the reference to employed earners in the definition of “personal pension scheme” were to any earners), • “prescribed” means prescribed by regulations, and • “regulations” means regulations made by the Lord Chancellor;
- premium
means a contributions equivalent premium ”,
- prescribed
means prescribed by regulations, • “professional adviser”, in relation to a scheme, has the meaning given by section 47, • “public service pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993, • “regulations” means regulations made by the Secretary of State, • “resources”, in relation to an occupational pension scheme, means the funds out of which the benefits provided by the scheme are payable from time to time, including the proceeds of any policy of insurance taken out, or annuity contract entered into, for the purposes of the scheme, • “Scottish partnership” means a partnership constituted under the law of Scotland, • “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988, • “transfer credits” means rights allowed to a member 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 pension credit rights, or ((b)) a cash transfer sum paid under Chapter 2 of Part 4ZA
- Prohibited modification
means a modification of an occupational pension scheme which on taking effect would or might result in any subsisting right of— which is not a right or entitlement to money purchase benefits becoming, or being replaced with, a right or entitlement to collective money purchase benefits under the scheme rules.
- proper advice
means—
- prospective member
means any person who, under the terms of his contract of service or the rules of the scheme—
- protected liabilities
has the meaning given by section 131 of the Pensions Act 2004, and
- Protected modification
means a modification, other than a prohibited modification, of an occupational pension scheme which—
- public service pension scheme
has the meaning given by section 1 of the Pension Schemes Act 1993, • “regulations” means regulations made by the Secretary of State, • “resources”, in relation to an occupational pension scheme, means the funds out of which the benefits provided by the scheme are payable from time to time, including the proceeds of any policy of insurance taken out, or annuity contract entered into, for the purposes of the scheme, • “Scottish partnership” means a partnership constituted under the law of Scotland, • “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988, • “transfer credits” means rights allowed to a member 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 pension credit rights, or ((b)) a cash transfer sum paid under Chapter 2 of Part 4ZA of the Pension Schemes Act 1993 (transfers and contribution refunds) in respect of him, to the trustees or managers of the scheme, • “tr
- rebate percentage
means the appropriate flat rate percentage for the purposes of section 42A(2) ”, and
- registered pension scheme
means an occupational pension scheme registered under section 153 of the Finance Act 2004 (other than a public service pension scheme).
- Regulated modification
means a modification which is— or is both.
- regulations
means regulations made by the Secretary of State, • “resources”, in relation to an occupational pension scheme, means the funds out of which the benefits provided by the scheme are payable from time to time, including the proceeds of any policy of insurance taken out, or annuity contract entered into, for the purposes of the scheme, • “Scottish partnership” means a partnership constituted under the law of Scotland, • “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988, • “transfer credits” means rights allowed to a member 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 pension credit rights, or ((b)) a cash transfer sum paid under Chapter 2 of Part 4ZA of the Pension Schemes Act 1993 (transfers and contribution refunds) in respect of him, to the trustees or managers of the scheme, • “trustees or managers”, in relation to an occupational pension scheme, means— (a) in the case of a trust
- relevant legislative provision
means any provision contained in any of the following provisions—
- relevant pre-1997 contract of insurance
means a contract of insurance which was entered into before 6th April 1997 with a view to securing the whole or part of the scheme’s liability for— (a) any pension or other benefit payable to or in respect of one particular person whose entitlement to payment of a pension or other benefit has arisen, and (b) any benefit which will be payable in respect of that person on his death. • “assets” of a scheme to which this section applies do not include any assets representing the value of any rights in respect of money purchase benefits under the scheme rules;
- retail prices index
means— (a) the general index of retail prices (for all items) published by the Statistics Board, or (b) where that index is not published for a month, any substituted index or figures published by the Board.
- retrospectively
means with effect from a date before that on which the power is exercised or, as the case may be, the order is made.
- scheme failure notice
means a scheme failure notice issued under section 122(2)(a) or 130(2) of the 2004 Act (scheme rescue not possible).
- scheme rules
has the same meaning as in the Pensions Act 2004 (see section 318 of that Act);
- Scottish partnership
means a partnership constituted under the law of Scotland, • “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988, • “transfer credits” means rights allowed to a member 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 pension credit rights, or ((b)) a cash transfer sum paid under Chapter 2 of Part 4ZA of the Pension Schemes Act 1993 (transfers and contribution refunds) in respect of him, to the trustees or managers of the scheme, • “trustees or managers”, in relation to an occupational pension scheme, means— (a) in the case of a trust scheme, the trustees of the scheme, and (b) in any other case, the managers of the scheme, • “trust scheme” means an occupational pension scheme established under a trust.
- securities
means—
- shareable rights
has the same meaning as in Chapter 1 of Part 4 of the Welfare Reform and Pensions Act 1999 (sharing of rights under pension arrangements);
- Subsisting right
means—
- the applicable rules
has the same meaning as in section 94;
- the Authority
means the Pensions Regulator, •................................ • “the Compensation Board” has the meaning given by section 78(1), • “the compensation provisions” has the meaning given by section 81(3), • “contravention” includes failure to comply, • “deferred member”, in relation to an occupational pension scheme, means a person (other than an active or pensioner member) who has accrued rights under the scheme, • “employer”, in relation to an occupational pension scheme, means the employer of persons in the description of employment to which the scheme in question relates (but see section 125(3)), • “equal treatment rule” has the meaning given by section 62, • “firm” means a body corporate or a partnership, • “fund manager”, in relation to an occupational pension scheme, means a person who manages the investments held for the purposes of the scheme, • “independent trustee” has the meaning given by section 23(3), • “managers”, in relation to an occupational pension scheme other than a trust scheme, means the persons responsible for the management of the scheme, • “member”, in relation to an occupational pension scheme, means any active, deferred, pensioner or pensio
- the commencement day
means the day appointed for the coming into force of section 278 of the Pensions Act 2004 (amendments to section 51), • “pension”, in relation to a scheme, means any pension in payment under the scheme and includes an annuity.
- the Compensation Board
has the meaning given by section 78(1), • “the compensation provisions” has the meaning given by section 81(3), • “contravention” includes failure to comply, • “deferred member”, in relation to an occupational pension scheme, means a person (other than an active or pensioner member) who has accrued rights under the scheme, • “employer”, in relation to an occupational pension scheme, means the employer of persons in the description of employment to which the scheme in question relates (but see section 125(3)), • “equal treatment rule” has the meaning given by section 62, • “firm” means a body corporate or a partnership, • “fund manager”, in relation to an occupational pension scheme, means a person who manages the investments held for the purposes of the scheme, • “independent trustee” has the meaning given by section 23(3), • “managers”, in relation to an occupational pension scheme other than a trust scheme, means the persons responsible for the management of the scheme, • “member”, in relation to an occupational pension scheme, means any active, deferred, pensioner or pension credit member (but see section 125(4)), •................................ •.....
- the compensation provisions
has the meaning given by section 81(3), • “contravention” includes failure to comply, • “deferred member”, in relation to an occupational pension scheme, means a person (other than an active or pensioner member) who has accrued rights under the scheme, • “employer”, in relation to an occupational pension scheme, means the employer of persons in the description of employment to which the scheme in question relates (but see section 125(3)), • “equal treatment rule” has the meaning given by section 62, • “firm” means a body corporate or a partnership, • “fund manager”, in relation to an occupational pension scheme, means a person who manages the investments held for the purposes of the scheme, • “independent trustee” has the meaning given by section 23(3), • “managers”, in relation to an occupational pension scheme other than a trust scheme, means the persons responsible for the management of the scheme, • “member”, in relation to an occupational pension scheme, means any active, deferred, pensioner or pension credit member (but see section 125(4)), •................................ •................................ •................................ • “no
- the guarantee date
means the date by reference to which the value of the cash equivalent is calculated, and must be— (a) within the prescribed period beginning with the date of the application, and (b) within the prescribed period ending with the date on which the statement of entitlement is provided to the member. 3 Regulations may make provision in relation to applications for a statement of entitlement, including, in particular, provision as to the period which must elapse after the making of such an application before a member may make a further such application. 4 If, in the case of any scheme, a statement of entitlement has not been provided under this section, section 10 of the Pens
- the maximum amount
means— and the Secretary of State may by order amend paragraph (a) by substituting higher amounts for the amounts for the time being specified in that paragraph.
- the other party
means the other party to the marriage, • “pension scheme” means an occupational pension scheme or a personal pension scheme (applying the definitions in section 1 of the Pension Schemes Act 1993, but as if the reference to employed earners in the definition of “personal pension scheme” were to any earners), • “prescribed” means prescribed by regulations, and • “regulations” means regulations made by the Lord Chancellor;
- the Paris Agreement goal
means the goal of holding the increase in the average global temperature to well below 2°C above pre-industrial levels referred to in Article 2(1)(a) of the agreement done at Paris on 12 December 2015.
- the party with pension rights
means the party to the marriage who has or is likely to have benefits under a pension scheme and “the other party” means the other party to the marriage, • “pension scheme” means an occupational pension scheme or a personal pension scheme (applying the definitions in section 1 of the Pension Schemes Act 1993, but as if the reference to employed earners in the definition of “personal pension scheme” were to any earners), • “prescribed” means prescribed by regulations, and • “regulations” means regulations made by the Lord Chancellor;
- the pension compensation provisions
has the same meaning as in Part 2 of the Pensions Act 2004 (see section 162 of that Act);
- the relevant date
means the date appointed for the coming into force of section 51 of the Child Support, Pensions and Social Security Act 2000.
- the relevant time
means—
- the responsible person
means—
- the Taxes Act 1988
means the Income and Corporation Taxes Act 1988, • “transfer credits” means rights allowed to a member 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 pension credit rights, or ((b)) a cash transfer sum paid under Chapter 2 of Part 4ZA of the Pension Schemes Act 1993 (transfers and contribution refunds) in respect of him, to the trustees or managers of the scheme, • “trustees or managers”, in relation to an occupational pension scheme, means— (a) in the case of a trust scheme, the trustees of the scheme, and (b) in any other case, the managers of the scheme, • “trust scheme” means an occupational pension scheme established under a trust.
- transfer credits
means rights allowed to a member 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 pension credit rights, or ((b)) a cash transfer sum paid under Chapter 2 of Part 4ZA of the Pension Schemes Act 1993 (transfers and contribution refunds) in respect of him, to the trustees or managers of the scheme, • “trustees or managers”, in relation to an occupational pension scheme, means— (a) in the case of a trust scheme, the trustees of the scheme, and (b) in any other case, the managers of the scheme, • “trust scheme” means an occupational pension scheme established under a trust.
- trust scheme
means an occupational pension scheme established under a trust.
- winding up provisions
means this section and sections 73, 73A and 74, and