The Occupational Pension Schemes (Preservation of Benefit) Regulations 1991

means the proportion that the number of premiums that have fallen due in respect of each policy bears to the number of premiums that would have been payable if the member had continued in pensionable service under the scheme until normal pension age.

means the same as in section 19 of the Act except that a policy of insurance or annuity contract which is taken out or entered into with an “authorised friendly society” (as defined for the purposes of regulation 6), but which otherwise satisfies the conditions for being “appropriate” for the purposes of section 19, is to be treated as if it were appropriate for the purposes of that section.

has the meaning given by section 36(8) of the Pension Schemes Act 2021;

means the same as in section 1(2) of the Social Security Act 1975 (outline of contributory system) and “lower earnings limit” means the same as in section 4(1) of that Act (Class 1 contributions-incidence).

means a scheme or a section of a scheme which is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021;

has the meaning given by— (a) in relation to a single or connected employer scheme, paragraph 1(1) of Schedule 6 to the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022;

means the secondary contributor in relation to any payment of earnings in respect of the employment concerned.

has the meaning given by section 1161(5) of the Companies Act 2006 (meaning of “undertaking” and related expressions);

means the same as in section 4(1) of that Act (Class 1 contributions-incidence).

means a scheme or arrangement, other than an occupational pension scheme, which—

means a policy of insurance or an annuity contract;

means any payment made in consideration for the assurance of the benefit under a policy.

means the principal employer or controlling employer of the receiving scheme;

means an occupational pension scheme.

means the same as in section 4 of that Act (Class 1 contributions-incidence).

means advisory, administration or investment services provided to the receiving scheme, and a “service provider” is a provider of such services to the scheme;

means the Pensions Act 1995;

means the Pension Schemes Act 1993;

means the same as in section 94(2) of the Act (revaluation of pensions and transfer values).

means—

means the principal employer or controlling employer of the transferring scheme;

has the meaning given by section 1161(1) of the Companies Act 2006.