applicationmeans an application for a statement of entitlement made under section 93A(1) of the 1993 Act (right to statement of entitlement: benefits other than money purchase).
appropriately securedmeans the same as in section 19 of the 1993 Act (discharge of liability where guaranteed minimum pensions secured by insurance policies or annuity contracts), 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 of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 (means of assuring short service benefit)), but which otherwise satisfies the conditions for being appropriate for the purposes of section 19 of that Act, is to be treated as if it were appropriate for the purposes of that section provided the terms of such policy or contract are not capable of being amended, revoked or rescinded.
bonusmeans any— which the trustees of the scheme in question have applied to the member’s benefits, or granted to him in accordance with the provisions governing that scheme, on the basis of findings as to that scheme’s funding position.
overseas arrangementhas the same meaning as in the Contracting-out (Transfer and Transfer Payment) Regulations 1996.
relevant assetsmeans, subject to paragraphs 2(b) to 6, for a particular category of liability, the market value of the scheme assets, less the total of the relevant liabilities for all categories with greater priority under the priority order and are not to exceed the maximum of the relevant liabilities for that category. • “relevant liabilities” means, for a particular category of liability, the sum of all insufficiency report liabilities falling into that category.
relevant directionmeans a direction under section 23(4)(g) of the Pensions Act 2004.
relevant liabilitiesmeans, for a particular category of liability, the sum of all insufficiency report liabilities falling into that category.
relevant schememeans a scheme which either— (a) is the subject of a freezing order made under section 23 of the Pensions Act 2004 containing a relevant direction on the date it receives the application;
scheme reconciliation servicemeans the service set up by HMRC which allows schemes to compare the scheme’s records of members who have been contracted-out, and the value of members’ guaranteed minimum pensions, with HMRC’s records of the same, with a view to removing any errors in the scheme’s or HMRC’s records.
the available assets of the collective money purchase schemehas the meaning given by section 2(2) of the Pension Schemes Act 2021 “the available assets of the scheme”.
winding-up periodhas 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;