- a relevant order or provision
means any of the following— a an order under section 23 of the Matrimonial Causes Act 1973 (financial provision in connection with divorce etc: England and Wales) so far as the order— i includes provision made by virtue of section 25B or 25C of that Act (powers to include provision about pensions), and ii applies in relation to the Board by virtue of section 25E of that Act;
- 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);
- alternative requirement
means a requirement prescribed under subsection (2)(b);
- any relevant compensation
means any compensation to which a person is or will be entitled under the pension compensation provisions, except for compensation payable in accordance with paragraph 3 (pensions in payment at assessment date). 3 The Board must determine the amount of the actuarial increase to be applied to compensation to which a person is entitled by virtue of this paragraph. 4 Where, by virtue of this paragraph, periodic compensation is payable to a person under paragraph 11 or 15 after that person attains normal pension age (or, in a case to which paragraph 21 applies, normal benefit age)— a paragraph 12(2) applies as if the reference to the date on which the active member at
- appropriate date
means—
- child
means a person aged under 18;
- company
includes any body corporate.
- consolidation
means the consolidation of a relevant Master Trust or group personal pension scheme with one or more other schemes.
- Contract of employment
means a contract of service or apprenticeship, whether express or implied, and (if it is express) whether oral or in writing.
- contribution agreements
means—
- contributions
means contributions to the scheme by, or on behalf or in respect of, a relevant member;
- couple
has the same meaning as in Part 7 (see section 137);
- Due date
has the meaning prescribed.
- earnings
has the meaning given in section 13(3).
- employee
includes a jobholder within the meaning of section 1 of the Pensions Act 2008 and “employer” is to be read accordingly.”
- employer
means the prospective employer in relation to any employment.
- employer duties
means any duty of an employer under any provision of sections 2 to 11 and 54 or of regulations made under those sections.
- financial year
means such period as the Secretary of State may by order prescribe;
- German pension entitlement
means entitlement to benefits arising under insurance with the Deutsche Rentenversicherung, or any other entitlement that appears to the Secretary of State to be relevant for the purposes of this section;
- guaranteed minimum pension
has the same meaning as in the Pension Schemes Act 1993 (see section 8(2) of that Act);
- legislation
means any provision of an Act or subordinate legislation (and “subordinate legislation” has the same meaning as in the Interpretation Act 1978 (c. 30)).
- main scale default arrangement
means an arrangement—
- Master Trust scheme
has the same meaning as in the Pension Schemes Act 2017 (see section 1(1) of that Act);
- offshore employment
has the same meaning as in section 201(1) of the Employment Rights Act 1996 (c. 18).
- party
means a party to a marriage;
- pension compensation sharing order
means a pension compensation sharing order under this Part. 19B 1 A pension compensation sharing order is an order which— a provides that one civil partner's shareable rights to PPF compensation that derive from rights under a specified pension scheme are to be subject to pension compensation sharing for the benefit of the other civil partner, and b specifies the percentage value to be transferred. 2 Shareable rights to PPF compensation are rights in relation to which pension compensation sharing is available under— a Chapter 1 of Part 3 of the Pensions Act 2008, or b corresponding Northern Ireland legislation. 3 In sub-paragraph (1) “specified” means specified in the order. 19C The court may include in a pension compensation sharing order provision about the apportionment between the civil partners of any charge under— a section 117 of the Pensions Act 2008 (charges in respect of pension compensation sharing costs), or b corresponding Northern Ireland legislation. 19D 1 A pension compensation sharing order may not be made in relation to rights to PPF compensation that— a are the subject of pension attachment, b derive from rights under a pensio
- period of pre-1948 insurance
means any period ending before 6 April 1948 to which subsection (2) applies by reference to any person (“the insured person”).
- 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. 7 In this section “the Revenue and Customs” and a “function of the Revenue and Customs” have the same meaning as in section 18 of the Commissioners for Revenue and Customs Act 2005 (confidentiality).”
- protected rights
has the same meaning as in the 1993 Act (see section 10 of that Act).
- qualified lawyer
means—
- qualifying asset
means an asset of a prescribed description that is held in a main default fund of a relevant Master Trust or group personal pension scheme.
- relevant amount
means (as appropriate)—
- relevant authority
means— (a) in relation to a benefit within subsection (7)(b), the Department for Social Development in Northern Ireland;
- relevant compensation
means— (a) periodic compensation under paragraph 11 or 15, or (b) lump sum compensation under paragraph 14 or 19. 25C An application for a terminal illness lump sum— a must be made in writing, either on a form approved by the Board for the purposes of this paragraph or in such other manner as the Board may accept as sufficient in the circumstances of the case;
- relevant creditors
means— a creditors of the employer, and b creditors of any other person who has incurred a liability or other obligation (including one that is contingent or otherwise might fall due) to make a payment, or transfer an asset, to the scheme.”
- relevant earnings
means earnings of a prescribed description;
- relevant information
means information held for the purposes of any function of the Secretary of State relating to—
- relevant jobholder
means a jobholder to whom the certificate in question applies;
- relevant Master Trust
means a money purchase scheme that has its main administration in the United Kingdom and is an authorised Master Trust scheme.
- relevant member of the House of Commons staff
means any person—
- relevant member of the House of Lords staff
means any person who is employed under a worker's contract with the Corporate Officer of the House of Lords.
- relevant members
means members of the scheme of a prescribed description;
- relevant period
means a period specified in or determined in accordance with the regulations.
- relevant person
means—
- relevant provision
means— (a) in relation to a freezing order, provision contained in the order, or the provision made with respect to the order by section 23 of the Pensions Act 2004;
- relevant scheme
means—
- relevant transferee scheme
means any work-based pension scheme to which any accrued rights to benefits under the scheme are transferred;
- relevant year
has the same meaning as in section 44.”
- revaluation period
has the same meaning as in paragraph 2 of Schedule 3 to the Pension Schemes Act 1993.
- Scheme administrator
has the same meaning here as in that Part.
- 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— a the scheme, or b any relevant transferee scheme in respect of any persons who were members of the scheme before the relevant time. 6 In this section— a “relevant transferee scheme” means any work-based pension scheme to which any accrued rights to benefits under the scheme are transferred;
- ship
includes—
- shortfall
means the difference (if any) between—
- social security information
means information held by or on behalf of the Secretary of State and obtained as a result of, or for the purpose of, the exercise of the Secretary of State's functions in relation to social security;
- specified
means specified in the order. 21C In this Part— • “PPF compensation” means compensation payable under the pension compensation provisions;
- starting day
means— (a) E's staging date, in the case of a notice under subsection (1);
- state pension credit
has the meaning given by section 1(1) of the State Pension Credit Act 2002 (c. 16).
- subordinate legislation
has the same meaning as in the Interpretation Act 1978 (c. 30)).
- the 1995 Act
means the Pensions Act 1995;
- 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— a the member's guaranteed minimum, or b the guaranteed minimum of the member's widow, widower or surviving civil partner). 2 For the purposes of this paragraph, a member's pensionable service includes any notional pensionable service which is credited to the member by the scheme (“notional service”).
- the appropriate amount
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 Board
means the Board of the Pension Protection Fund;
- the contracting-out abolition date
means the day appointed under section 30 of the Pensions Act 2007 (c. 22) for the coming into force of section 15(1) of that Act (abolition of contracting-out for defined contribution pension schemes), and • “protected rights” has the same meaning as in the 1993 Act (see section 10 of that Act).
- 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 indexation date
means— (a) the 1 January next falling after the transferee first becomes entitled to the periodic compensation, and (b) each subsequent 1 January during the transferee's lifetime;
- the lower revaluation percentage
means the lesser of— (a) the inflation percentage, and (b) the lower maximum revaluation rate. 5 For the purposes of sub-paragraph (4)— • “the higher maximum revaluation rate”, in relation to the revaluation period, is— (a) if that period is a period of 12 months, 5%, and (b) in any other case, the percentage that would be the inflation percentage had the general level of prices in Great Britain increased at the rate of 5% compound per annum during that period;
- 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. 5 In sub-paragraph (4) “the annualised value” of a lump sum means the annualised actuarially equivalent amount of that sum, determined in accordance with actuarial factors published by the Board. 6 In this paragraph “relevant compensation” and “the relevant age” have the same meanings as in paragraph 25B. 25F 1 Relevant information held by the Secretary of State about an individual may be disclosed to the Board for use for a purpose relating to— a the Board's functions under paragraphs 25B to 25E;
- the minimum amount
means £25 billion.
- the other party
means the other party to the marriage;
- the party with compensation rights
means the party to the marriage who is or is likely to be entitled to PPF compensation, and “the other party” means the other party to the marriage;
- the pension compensation provisions
means— (a) Chapter 3 of Part 2 of the Pensions Act 2004 (pension protection) and any regulations or order made under it, (b) Chapter 1 of Part 3 of the Pensions Act 2008 (pension compensation on divorce etc) and any regulations or order made under it, and (c) any provision corresponding to the provisions mentioned in paragraph (a) or (b) in force in Northern Ireland.”
- 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. 4 In sub-paragraph (2) “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. 5 In sub-paragraph (4) “the annualised value” of a lump sum means the annualised actuarially equivalent amount of that sum, determined in accordance with actuarial factors published by the Board. 6 In this paragraph “relevant compensation” and “the relevant age” have the same meanings as in paragraph 25B. 25F 1 Relevant information held by the Secretary of State about an individual may be disclosed to the Board for use for a purpose relating to— a the Board's functions under paragraphs 25B to 25E;
- the relevant age
has the same meaning as in paragraph 12.
- the relevant amount
means the aggregate of— (a) the accrued amount, and (b) the revaluation amount for the first revaluation period (see paragraph 16). 5 For the purposes of sub-paragraph (3)— • “the higher maximum revaluation rate”, in relation to the second revaluation period, is— (a) if that period is a period of 12 months, 5%, and (b) in any other case, the percentage that would be the inflation percentage had the general level of prices in Great Britain increased at the rate of 5% compound per annum during that period;
- the relevant authority
means— (a) in relation to England and Wales or Scotland, the Secretary of State;
- the relevant compensation
means the payments or future payments to which, immediately before the transfer day, the transferor is entitled under the pension compensation provisions by virtue of the transferor's shareable rights to PPF compensation that derive from rights under the specified scheme.
- the relevant documents
means copies of—
- the relevant order or provision
means the pension compensation sharing order, or provision contained in a qualifying agreement, which gives rise to the pension compensation sharing;
- the relevant period
means the period beginning with 1 May 2004 and ending with the coming into force of this section.
- the relevant time
means— a in the case of an act, the time of the act, or b in the case of a failure— i the time when the failure occurred, or ii where the failure continued for a period of time, the time which the Regulator determines and which falls within that period;
- the revaluation percentage
means the lesser of—
- the revaluation period
means the period—
- the specified scheme
means the pension scheme specified in the relevant order or provision;
- the transfer day
means the day on which the relevant order or provision takes effect;
- the transferee
means the person for whose benefit the relevant order or provision is made;
- the transferor
means the person to whose rights the relevant order or provision relates.
- the valuation day
means such day within the implementation period for the credit under subsection (1)(b) as the Board may specify by notice in writing to the transferor and transferee.
- unaccompanied
means unaccompanied by an adult family member.
- work-based pension scheme
has the meaning given by section 5(3);
- Worker
means an individual who has entered into or works under—