- a relevant order or provision
means any of the following—
- a specified time
means a time determined in accordance with regulations under this paragraph.
- a warning notice
means a notice given as mentioned in section 96(2)(a);
- accounting direction
means a direction regarding— (a) the information to be contained in a statement of accounts and the manner in which it is to be presented;
- accrual period
means any period of seven days beginning with a prescribed day of the week, where that day falls within the period of deferment. 3 The accrued amount for an accrual period for a person is— where— • A is the accrued amount for the previous accrual period (or, in the case of the first accrual period beginning during the period of deferment, zero);
- Accrual rate
means the rate at which under the admissible rules rights to the benefits accrue over time by reference to periods of pensionable service.
- accrued amount
means the amount calculated in accordance with sub-paragraph (3);
- act
includes omission.
- active member
has the meaning given by section 124(1) of the Pensions Act 1995 (c. 26);
- actuarial equivalence statement
means a statement in writing which— a is given by— i the actuary appointed in relation to the scheme under section 47(1)(b), or ii a person with prescribed qualifications or experience or who is approved by the Secretary of State, and b certifies that actuarial value has been maintained. 8 For the purposes of subsections (5) and (7) as they apply in relation to an affected member, actuarial value is maintained if the actuarial value, immediately after the time at which the modification takes effect, of the affected member’s subsisting rights is equal to or greater than the actuarial value of his subsisting rights immediately before that time. 67D 1 This section applies for the purposes of section 67C. 2 Where— a the information requirement has been satisfied in the case of an affected member in respect of a proposed modification (“the original modification”), b before the trustees have made a determination, or given their consent, for the purposes of section 67E(1) in relation to the original modification, the original modification has been revised, and c the modification as so revised (“the revised modification”) does not differ from the original
- actuarial report
means a written report, prepared and signed by the actuary, on developments affecting the scheme’s technical provisions since the last actuarial valuation was prepared, and
- actuarial valuation
means a written report, prepared and signed by the actuary, valuing the scheme’s assets and calculating its technical provisions,
- additional retirement pension
means— (a) any additional pension or shared additional pension under— (i) the Social Security Contributions and Benefits Act 1992, or (ii) the Social Security Contributions and Benefits (Northern Ireland) Act 1992, or (b) any graduated retirement benefit under— (i) sections 36 and 37 of the National Insurance Act 1965, or (ii) sections 35 and 36 of the National Insurance Act (Northern Ireland) 1966;
- admissible rules
means the scheme rules disregarding—
- an actuarial valuation
means a written valuation of the scheme’s assets and liabilities prepared and signed by the actuary;
- annual payment
has the meaning given by regulations under subsection (1);
- appointed day
means the day appointed under section 126(2) (no pension protection under Chapter 3 of Part 2 if the scheme begins winding up before the day appointed by the Secretary of State),
- appointed person
means a person appointed by the Board for the purposes of this section in relation to the scheme.
- appropriate annuity
means an annuity which satisfies prescribed requirements and is purchased from an insurer who— a falls within section 19(4)(a), b is chosen by the member, and c is willing to accept payment on account of the member from the trustees or managers of the scheme. 101AF 1 Cash transfer sums are to be calculated and verified in the prescribed manner. 2 Any calculation of a contribution refund must conform with such requirements as may be prescribed. 3 Regulations may provide— a for amounts to be deducted in respect of administrative costs in calculating cash transfer sums;
- appropriate percentage
means the lesser of— (a) the percentage increase in the general level of prices in Great Britain for the period of 12 months ending with the 31st May last falling before the indexation date, and (b) 2.5%;
- 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);
- assessment date
means the date on which the assessment period begins;
- assessment period
means an assessment period within the meaning of Part 2 of the Pensions Act 2004 (pension protection) (see sections 132 and 159 of that Act) or an equivalent period under any provision in force in Northern Ireland corresponding to that Part;
- assets
includes future assets;
- authorised period
has the same meaning as in section 151;
- authorised way
means—
- basic retirement pension
means any basic pension under— (a) the Social Security Contributions and Benefits Act 1992, or (b) the Social Security Contributions and Benefits (Northern Ireland) Act 1992;
- bereavement benefit
means bereavement payment, widowed parent’s allowance or bereavement allowance payable under the Social Security Contributions and Benefits Act 1992 or the Social Security Contributions and Benefits (Northern Ireland) Act 1992;
- borrowing limit
means such limit as the Secretary of State may specify by order;
- 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). 4 In this Chapter, “contribution refund” means, in relation to a member of an occupational pension scheme, a sum representing the aggregate of— a the member’s employee contributions to the scheme, and b where transfer credits have been allowed to the member under the scheme by virtue of a payment (“the transfer payment”) made by the trustees or managers of another occupational pension scheme, the member’s employee contributions to that other scheme, so far as they— i relate to the transfer payment, and ii do not, in aggregate, exceed the amount of the transfer payment. 5 In subsection (4), “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— a a transfer payment by virtue of which transfer credits have been allowed to the member under the scheme, or b any pension credit or amount paid to the scheme which is attributable (directly o
- cessation notice
means—
- closed scheme
means an eligible scheme which is authorised under section 153 to continue as a closed scheme.
- 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 5 of the Insolvency Act 1986 (c. 45) (unregistered companies);
- compensation
means compensation payable under Schedule 7 or under section 141(2).
- consultation regulations
means regulations under section 259 or 260.
- contravention
includes failure to comply;
- contribution refund
means, in relation to a member of an occupational pension scheme, a sum representing the aggregate of— a the member’s employee contributions to the scheme, and b where transfer credits have been allowed to the member under the scheme by virtue of a payment (“the transfer payment”) made by the trustees or managers of another occupational pension scheme, the member’s employee contributions to that other scheme, so far as they— i relate to the transfer payment, and ii do not, in aggregate, exceed the amount of the transfer payment. 5 In subsection (4), “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— a a transfer payment by virtue of which transfer credits have been allowed to the member under the scheme, or b any pension credit or amount paid to the scheme which is attributable (directly or indirectly) to a pension credit. 101AC 1 This section applies where the pensionable service of a member of an occupational pension scheme has terminated. 2 The trustees or managers of the scheme must— a within a reasonable period a
- contributions
means, in relation to an eligible scheme, contributions payable towards the scheme by or on behalf of the employer or the active members of the scheme in accordance with the schedule of contributions maintained under section 227 in respect of the scheme.
- delegated function
means a function which is exercisable on behalf of the Board as mentioned in sub-paragraph (1) or (2);
- deposit-taker
means— (a) a person who has permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8) to accept deposits,...
- determination notice
means a notice which is in the prescribed form and contains such information about the determination as may be prescribed;
- Detrimental modification
means a modification of an occupational pension scheme which on taking effect would or might adversely affect any subsisting right of— a any member of the scheme, or b any survivor of a member of the scheme. 5 A person is an “affected member”— a in relation to a protected modification within paragraph (a) or (b) of subsection (3), if, at the time the modification takes effect, he is— i a member of the scheme, or ii a survivor of a member of the scheme, and, on taking effect, the modification would or might affect any of his subsisting rights as mentioned in that paragraph, b in relation to a protected modification within paragraph (c) of that subsection, if he is of a prescribed description, and c in relation to a detrimental modification which is not a protected modification if, at the time the modification takes effect, he is— i a member of the scheme, or ii a survivor of a member of the scheme, and, on taking effect, the modification would or might adversely affect any of his subsisting rights. 6 “Subsisting right” means— a in relation to a member of an occupational pension scheme, at any time— i any right which at that time has accrued to or in respec
- discretionary award
means an award of a prescribed description;
- document
includes information recorded in any form and, in relation to information recorded otherwise than in a legible form, references to its production include references to producing a copy of the information in a legible form, or in a form from which it can readily be produced in a legible form.
- earnings
has the meaning given by section 181(1) of the Pension Schemes Act 1993;
- electronic communications network
has the same meaning as in the Communications Act 2003 (c. 21).
- electronic communications service
has the meaning given by section 32 of the Communications Act 2003;
- eligible scheme
has the meaning given by this section.
- employee
has the meaning given by section 181(1) of the Pension Schemes Act 1993;
- 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— a a transfer payment by virtue of which transfer credits have been allowed to the member under the scheme, or b any pension credit or amount paid to the scheme which is attributable (directly or indirectly) to a pension credit. 101AC 1 This section applies where the pensionable service of a member of an occupational pension scheme has terminated. 2 The trustees or managers of the scheme must— a within a reasonable period after the termination give the member a statement in writing containing information adequate to explain— i the nature of the right acquired by him under section 101AB, and ii how he may exercise the right, and such other information as may be prescribed, and b afford the member a reasonable period after giving him that statement within which to exercise the right. 3 The statement given under subsection (2)(a) must specify, in particular— a in relation to the cash transfer sum to which the member acquires a right under section 101AB, its amount and the permitted ways in whi
- employer
has the meaning given by section 3(9) of the Welfare Reform and Pensions Act 1999 (or, where subsection (1)(b) applies, by any corresponding provision in force in Northern Ireland).
- employers in relation to work-based pension schemes
means, in the case of stakeholder pension schemes, the persons upon whom duties are imposed by or by virtue of section 3 of the Welfare Reform and Pensions Act 1999 (c. 30) (duty of employers to facilitate access to stakeholder pension schemes).
- enactment
includes an enactment comprised in subordinate legislation (within the meaning of the Interpretation Act 1978 (c. 30));
- estimated section 75 debt
means the amount which the Regulator estimates to be the amount of the debt which would become due from the employer to the trustees or managers of the scheme under section 75 of the Pensions Act 1995 (deficiencies in the scheme assets) if—
- event
includes a failure to act.
- financial assistance scheme
means the scheme provided for by regulations under section 286 (financial assistance scheme for members of certain pension schemes);
- financial position
means its financial position ignoring—
- financial year
means a period of 12 months ending with 31st March.
- full scheme liabilities
means— (a) the liabilities under the scheme rules to or in respect of members of the scheme, (b) other liabilities of the scheme, and (c) the estimated cost of winding up the scheme;
- fund manager
means an individual who or firm which is appointed by the Board to manage the fund maintained under section 173 (the Pension Protection Fund).
- funding level
means the ratio of the scheme's assets to its liabilities;
- group of companies
means a holding company and its subsidiaries (and references to a member of a group of companies are to be read accordingly);
- guaranteed minimum pension
has the same meaning as in the Pension Schemes Act 1993 (see section 8(2) of that Act);
- guaranteed minimum pension provisions
means so much of the Pension Schemes Act 1993 and of any other enactment as relates to guaranteed minimum pensions (within the meaning of that Act);
- hybrid scheme
means an occupational pension scheme— (a) which is not a money purchase scheme, but (b) where some of the benefits that may be provided are— (i) money purchase benefits attributable to voluntary contributions of the members, or (ii) other money purchase benefits;
- incremental period
means any period of six days which are treated by regulations as days of increment for the purposes of this paragraph in relation to the person and pension in question. 6 Where one or more orders have come into force under section 150 of the Administration Act during the period of deferment, the rate for any incremental period shall be determined as if the order or orders had come into force before the beginning of the period of deferment. 7 The sums which are the increases in the rates of shared additional pension under this paragraph are subject to alteration by order made by the Secretary of State under section 150 of the Administration Act. 4 1 This paragraph applies where— a a person’s entitlement to a shared additional pension is deferred, and b the person has made (or is treated as having made) an election under paragraph 1(1)(b) in relation to the period of deferment. 2 The person is entitled to an amount calculated in accordance with paragraph 5 (a “lump sum”). 5 1 The lump sum is the accrued amount for the last accrual period beginning during the period of deferment. 2 In this paragraph— • ‘accrued amount’ means the amount calculated in accordance wit
- indexation date
means— (a) the 1st January next falling after a person first becomes entitled to the periodic compensation, and (b) each subsequent 1st January during his lifetime;
- information requirement
means any statement made in compliance with any duty imposed by or by virtue of— (a) section 64 (duties of trustees or managers to provide scheme return);
- initial notification period
means the period of three months beginning with—
- inspector
means a person appointed by the Board as an inspector.
- internal controls
means— (a) arrangements and procedures to be followed in the administration and management of the scheme, (b) systems and arrangements for monitoring that administration and management, and (c) arrangements and procedures to be followed for the safe custody and security of the assets of the scheme;
- legal proceedings
includes proceedings of the Pensions Ombudsman, proceedings of the Ombudsman for the Board of the Pension Protection Fund and proceedings of the Board of the Pension Protection Fund under section 207 or 208;
- level of earnings
means the general level of earnings obtaining in Great Britain;
- limited liability partnership
means— and references to a member of a limited liability partnership are to be construed accordingly.
- local authority
means— (a) in relation to England, a county council, a district council, a London borough council, the Greater London Authority, the Common Council of the City of London in its capacity as a local authority or the Council of the Isles of Scilly, (b) in relation to Wales, a county council or county borough council, (c) in relation to Scotland, a council constituted under section 2 of the Local Government etc.
- maximum percentage
means— a 5% in a case where— i the pension is in payment before the commencement day, or ii the pension is not in payment before the commencement day but the entitlement to the relevant pension credit arose before that day, and b 2.5% in a case where the entitlement to the relevant pension credit arises on or after the commencement day.”
- member
has the meaning given in section 101AA(5);
- modifications
includes additions, omissions and amendments, and related expressions are to be construed accordingly;
- money purchase benefit
has the meaning given by section 181(1) of the Pension Schemes Act 1993 (c. 48);
- money purchase scheme
has the meaning given by section 181(1) of the Pension Schemes Act 1993;
- multi-employer scheme
means an occupational pension scheme in relation to which there is more than one employer;
- notifiable event
means—
- notification
includes notice;
- notional pre-1997 underlying rate
means, in the case of periodic compensation under paragraph 3 or 22, the aggregate of— (a) a prescribed percentage of so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to pre-1997 service, and (b) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amount within paragraph (a) of this definition immediately before the indexation date;
- occupational pension scheme
has the meaning given by section 1 of the Pension Schemes Act 1993;
- occupational scheme provisions
means provisions contained in or made by virtue of—
- occupational trust scheme
means an occupational pension scheme established under a trust.
- ordinary member
has the same meaning as in section 108.
- partnership
includes a firm or entity of a similar character formed under the law of a country or territory outside the United Kingdom, and
- pay-as-you-go scheme
means an occupational pension scheme under which there is no requirement for assets to be set aside in advance for the purpose of providing benefits under the scheme (disregarding any requirements relating to additional voluntary contributions);
- payment function
means any function conferred on the Board by or by virtue of this Chapter which relates to a person’s entitlement to or the payment of any amount under or by virtue of— (a) the pension compensation provisions, (b) section 166 (duty to pay scheme benefits unpaid at assessment date etc), (c) section 169 (discharge of liabilities in respect of compensation), or (d) section 170 (discharge of liabilities in respect of money purchase benefits);
- pension board
has the meaning given by section 124(1) of the Pensions Act 1995;
- pension credit
has the meaning given by section 124(1) of the Pensions Act 1995;
- pension credit rights
has the meaning given by section 124(1) of the Pensions Act 1995 (c. 26);
- pension earmarking order
means— (a) an order under section 23 of the Matrimonial Causes Act 1973 (c. 18) (financial provision orders in connection with divorce etc) so far as it includes provision made by virtue of section 25B or 25C of that Act (powers to include provision about pensions), (aa) an order under Part 1 (financial provision in connection with dissolution, nullity or separation) of Schedule 5 to the Civil Partnership Act 2004 (c. 33) (financial relief in the High Court or a county court etc.) so far as it includes provision made by virtue of paragraphs 25 and 26 of Part 6 of that Schedule (powers to include provisions about pensions), (b) an order under section 12A(2) or (3) of the Family Law (Scotland) Act 1985 (c. 37) (powers in relation to pension lump sums when making a capital sum order),...
- pension scheme
means an occupational pension scheme or a personal pension scheme,
- pension sharing order or provision
means an order or provision falling within section 28(1) of the Welfare Reform and Pensions Act 1999 (c. 30) (activation of pension sharing);
- Pensionable earnings
means the earnings by reference to which the benefits are calculated under the admissible rules.
- pensionable service
has the meaning given by section 124(1) of the Pensions Act 1995 (c. 26).
- pensions dashboard service
means a pensions dashboard service within the meaning of section 238A(1);
- pensions information
means, in relation to a relevant occupational pension scheme, such information as may be prescribed, which may include in particular—
- pensions legislation
means any enactment contained in or made by virtue of any of the following—
- personal data
has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);
- personal pension scheme
has the meaning given by section 1 of the Pension Schemes Act 1993;
- post-1997 service
means— (a) pensionable service which is within paragraph 36(4)(a) and occurs on or after 6th April 1997, or (b) pensionable service which is within paragraph 36(4)(b) and meets such requirements as may be prescribed;
- post-1997 underlying rate
means, in the case of periodic compensation under paragraph 3 or 22, the aggregate of— (a) so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to post-1997 service, and (b) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amount within paragraph (a) of this definition immediately before the indexation date;
- pre-1997 service
means— (a) pensionable service which is within paragraph 36(4)(a) and occurred before 6th April 1997, or (b) pensionable service which is within paragraph 36(4)(b) and meets such requirements as may be prescribed;
- pre-1997 underlying rate
means, in the case of periodic compensation under paragraph 3 or 22, the aggregate of— (a) so much of the amount mentioned in sub-paragraph (3)(a) of the paragraph in question as is attributable to pre-1997 service, and (b) so much of the amount within sub-paragraph (3)(b) of that paragraph as is referable to the amount within paragraph (a) of this definition immediately before the indexation date;
- prescribed
means prescribed by regulations;
- private pensions policy
means policy relating to schemes which are occupational pension schemes or personal pension schemes within the meaning of Part 1 of the Pensions Act 2008;
- proceedings
includes the issue of notices or any other enforcement action taken by the Regulator under Chapter 2 of Part 1 of the Pensions Act 2008 or any other enactment.
- property
includes—
- protected items
means—
- protected liabilities
has the meaning given by section 131 of the Pensions Act 2004, and b references to the assets of the scheme are references to those assets excluding any assets representing the value of any rights in respect of money purchase benefits (within the meaning of that Act) under the scheme.”
- Protected modification
means a modification of an occupational pension scheme which— a on taking effect would or might result in any subsisting right of— i a member of the scheme, or ii a survivor of a member of the scheme, which is not a right or entitlement to money purchase benefits becoming, or being replaced with, a right or entitlement to money purchase benefits under the scheme rules, b would or might result in a reduction in the prevailing rate of any pension in payment under the scheme rules, or c is of a prescribed description.
- public authority
means— (a) a Minister of the Crown (within the meaning of the Ministers of the Crown Act 1975 (c. 26)), (b) a government department (including any body or authority exercising statutory functions on behalf of the Crown), (c) the Scottish Ministers, (d) the National Assembly for Wales, or (e) a local authority.
- public servant
means an officer or servant of the Crown or of any prescribed authority.
- public service pension scheme
means, subject to subsection (6)— (a) a scheme under section 1 of the Public Service Pensions Act 2013 (new public service schemes);
- qualifying insolvency event
has the meaning given by section 127(3);
- qualifying pension scheme
means an occupational pension scheme (including such a scheme which has been fully wound up)— (a) which, at such time as may be prescribed, is not— (i) a money purchase scheme, or (ii) a scheme of a prescribed description, (b) the winding up of which began, subject to any prescribed exception, during the prescribed period ending immediately before the day appointed under section 126(2), (c) the employer in relation to which satisfies such conditions as may be prescribed at such time as may be prescribed, and (d) prescribed details of which have been notified to such person as may be prescribed by a person of a prescribed description— (i) in the prescribed form and manner, and (ii) before the prescribed date;
- Qualifying pensions dashboard service
means a pensions dashboard service in relation to which prescribed requirements are satisfied.
- Recent discretionary increase
means an increase in the rate of any pension in payment or postponed pension under the scheme rules which took effect in the period mentioned in sub-paragraph (5)(a).
- recent rule changes
means—
- recoverable property
means (subject to subsection (3))—
- recovery of value
means any increase in the value of the Pension Protection Fund, being an increase attributable to any payment received (otherwise than under this section) by the Board in respect of any act or omission—
- registrable scheme
means an occupational pension scheme, or a personal pension scheme, of a prescribed description.
- regulated information
means information received by the Secretary of State in connection with his functions under— a this Act, b the Pensions Act 1995, or c the Pensions Act 2004, 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).”
- Regulated modification
means a modification which is— a a protected modification, or b a detrimental modification, or is both. 3 “Protected modification” means a modification of an occupational pension scheme which— a on taking effect would or might result in any subsisting right of— i a member of the scheme, or ii a survivor of a member of the scheme, which is not a right or entitlement to money purchase benefits becoming, or being replaced with, a right or entitlement to money purchase benefits under the scheme rules, b would or might result in a reduction in the prevailing rate of any pension in payment under the scheme rules, or c is of a prescribed description.
- regulations
means regulations made by the Secretary of State;
- Regulator-appointed trustee
means a trustee appointed by the Regulator under section 7 or 23(1) of the Pensions Act 1995 (c. 26) or any corresponding provision in force in Northern Ireland.
- relevant amount
means (as appropriate)—
- relevant authority
means the Regulator, the Board or the Secretary of State and in the application of this section to Northern Ireland by virtue of section 323(2)(g)(ii) also includes the Department for Social Development in Northern Ireland.
- relevant benefits
means benefits which are not attributable (directly or indirectly) to a pension credit;
- relevant compensation
means— (a) periodic compensation under paragraph 11 or 15, or (b) lump sum compensation under paragraph 14 or 19.
- relevant complaint
means a complaint— alleging that he has sustained injustice in consequence of maladministration in connection with any act or omission by the Board or any person exercising functions on its behalf.
- relevant contract of insurance
means a contract of insurance which— (a) is entered with a view to securing the whole or part of the scheme’s liability for— (i) 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 (ii) any benefit which will be payable in respect of that person on his death, and (b) is a contract— (i) which may not be surrendered, or (ii) in respect of which the amount payable on surrender does not exceed the liability secured;
- relevant contributions
means such contributions in respect of such period or periods as may be prescribed;
- relevant creditors
means—
- relevant criminal proceedings
means criminal proceedings under—
- relevant date
means a date determined in accordance with regulations.
- relevant employer
means any person— (a) who is, or (b) who, at any time on or after 6th April 1975, has been, the employer in relation to the scheme;
- relevant information
means—
- relevant legislative provision
means any provision contained in any of the following provisions—
- relevant occupational pension scheme
means an occupational pension scheme which is not a stakeholder pension scheme (as defined in section 1 of the Welfare Reform and Pensions Act 1999).
- relevant offence
means any offence other than one under— (a) section 77 (neglect or refusal to provide information etc to the Regulator);
- relevant pension credit amount
means an amount mentioned in sub-paragraph (3)(a) of— which is attributable (directly or indirectly) to a pension credit.
- relevant pensions legislation
means—
- 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. 6 For the purposes of this section, when determining the corresponding PPF liability in relation to any liability of a scheme to, or in respect of, a member for pensions or other benefits, the pension compensation provisions apply with such modifications as may be prescribed. 7 Regulations may modify subsection (4). 8 For the purposes of that subsection— a regulations may prescribe how it is to be determined whether a liability for pensions or other benefits which, in the opinion of the trustees or managers of the scheme, are derived from the payment by any member of voluntary contributions falls within paragraph (a) or (b) of that subsection;
- relevant public authority
means— (a) a Minister of the Crown (within the meaning of the Ministers of the Crown Act 1975 (c. 26)), (b) a government department (including any body or authority exercising statutory functions on behalf of the Crown), or (c) the Scottish Ministers.
- relevant restriction
means any provision of the regulations which—
- relevant services
means services that may involve the giving of advice or forecasts to which information to which this section applies may be relevant.”
- relevant transferee scheme
means any work-based pension scheme to which any accrued rights to benefits under the scheme are transferred;
- restrained account
has the meaning given by section 20.
- restraining order
means a restraining order under section 20.
- restricted information
means any information obtained by the Regulator in the exercise of its functions which relates to the business or other affairs of any person, except for information—
- retail prices index
means— a the general index of retail prices (for all items) published by the Office for National Statistics, or b where that index is not published for a month, any substituted index or figures published by that Office.”
- retirement benefits
means—
- retirement pension
has the meaning given by the reciprocal agreement with Australia;
- retirement planning
means promoting financial planning for retirement;
- retirement-benefit activities
means—
- return date
means the date specified under subsection (3)(b) in the scheme return notice;
- review decision
has the meaning given by section 207(1).
- reviewable matter
means a matter mentioned in Schedule 9.
- right
includes a pension credit right. 7 At any time when the pensionable service of a member of an occupational pension scheme is continuing, his subsisting rights are to be determined as if he had opted, immediately before that time, to terminate that service. 8 “Scheme rules”, in relation to a scheme, 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 Part 4 of the Pension Schemes Act 1993 (preservation of benefit under occupational pension schemes). 9 For the purposes of subsection (8)— a “relevant legislative provision” means any provision contained in any of the following provisions— i Schedule 5 to the Social Security Act 1989 (equal treatment for men and women);
- schedule of contributions
means a statement showing—
- 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). 6C For the purposes of this section— a section 121 of the 2004 Act applies for the purposes of determining if and when an insolvency event has occurred in relation to the employer, b “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), c references to a relevant event in relation to an employer do not include a relevant event which occurred in relation to him before he became the employ
- scheme obligation
means a liability or other obligation (including one that is contingent or otherwise might fall due) to make a payment, or transfer an asset, to—
- scheme return
means a document in the form (if any) specified in the scheme return notice, containing the information required by the notice.
- scheme rules
has the same meaning as in the Pensions Act 2004 (“the 2004 Act”) (see section 318 of that Act). ”
- Scottish partnership
means a partnership constituted under the law of Scotland.
- section 423
means section 423 of the Insolvency Act 1986 (transactions defrauding creditors).
- shareable rights
has the same meaning as in Chapter 1 of Part 4 of that Act (sharing of rights under pension arrangements).
- specified
means specified in the freezing order.
- stakeholder pension scheme
means a pension scheme which is registered under section 2 of the Welfare Reform and Pensions Act 1999 (c. 30).
- state pension
means any state pension under— (a) Part 1 of the Pensions Act 2014, or (b) Part 1 of the Pensions Act (Northern Ireland) 2015.
- statement of investment principles
means a written statement of the investment principles governing determinations about investments made by or on behalf of the Board.
- Subsisting right
means— a in relation to a member of an occupational pension scheme, at any time— i any right which at that time has accrued to or in respect of him to future benefits under the scheme rules, or ii any entitlement to the present payment of a pension or other benefit which he has at that time, under the scheme rules, and b in relation to the survivor of a member of an occupational pension scheme, at any time, any entitlement to benefits, or right to future benefits, which he has at that time under the scheme rules in respect of the member.
- tax functions
has the same meaning as in section 182 of the Finance Act 1989 (c. 26).
- technical provisions
means the amount required, on an actuarial calculation, to make provision for the scheme’s liabilities.
- the 1995 Act
means the Pensions Act 1995;
- the accrued amount
means an amount equal to the initial annual rate of the pension to which the deferred member would have been entitled in accordance with the admissible rules had he attained normal pension age when the pensionable service relating to the pension ended.
- the actuary
means— (a) the actuary appointed under section 47(1)(b) of the Pensions Act 1995 (c. 26) (professional advisers) in relation to the scheme, or (b) if no such actuary has been appointed— (i) a person with prescribed qualifications or experience, or (ii) a person approved by the Secretary of State.
- 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 appointed actuary
means a person with prescribed qualifications or experience, or a person approved by the Secretary of State, who is appointed by the Board for the purposes of this paragraph, and
- the appropriate percentage
means—
- the authorised period
means the prescribed period which begins—
- the Board
has the meaning given by section 107;
- the court
means—
- the data protection legislation
has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);
- the GB transfer provisions
means section 161(1), (2)(a), (3) and (5) to (8) and Schedule 6 (other than paragraph 7).
- the higher revaluation percentage
means the lesser of— (a) the percentage increase in the general level of prices in Great Britain during the revaluation period determined in the prescribed manner (“the inflation percentage”), and (b) the higher maximum revaluation rate;
- the legal assistance scheme
means any scheme in force by virtue of subsection (1).
- the lower revaluation percentage
means the lesser of— (a) the inflation percentage, and (b) the lower maximum revaluation rate.
- the lump sum compensation annual amount
means the annualised value of the lump sum to which the applicant would have been entitled under paragraph 14 or 19 in relation to the scheme on the granting of the application, if the applicant had attained the relevant age on the granting of the application.
- the Northern Ireland Department
means the Department for Social Development in Northern Ireland.
- the pension compensation provisions
has the same meaning as in Part 2 of the Pensions Act 2004 (see section 162 of that Act);
- the pensions legislation
means any enactment contained in or made by virtue of—
- the periodic compensation annual amount
means the annual amount to which the applicant would have been entitled under paragraph 11 or 15 in relation to the scheme in the year following the granting of the application, if the applicant had attained the relevant age on the granting of the application.
- the PPF Ombudsman
has the meaning given by section 209(1);
- the principal Act
means the Social Security Contributions and Benefits Act 1992.