InterpretationE+W+S
This section has no associated Explanatory Memorandum
2.—[(1)] In these Regulations—
“the 1993 Act” means the Pension Schemes Act 1993;
“the 1995 Act” means the Pensions Act 1995;
“the 1999 Act” means the Welfare Reform and Pensions Act 1999;
“the 2004 Act” means the Pensions Act 2004;
[“the 2013 Act” means the Public Service Pensions Act 2013;]
[“the 2021 Act” means the Pension Schemes Act 2021;]
[“the available assets of the scheme”, in relation to a collective money purchase scheme, has the meaning given by section 2(2) of the 2021 Act;]
“accrued rights”—
(a)
in relation to an occupational pension scheme, has the meaning given in section 124(2) of the 1995 Act (interpretation of Part 1), and
(b)
in relation to a personal pension scheme means rights that have accrued under the scheme;
[“actuarial valuation”, in relation to a collective money purchase scheme, has the meaning given by section 20(2) of the 2021 Act;]
“beneficiary” means a person, other than a member, who is entitled to the payment of benefits under the scheme;
[“cash balance benefit” has the meaning given in section 75 of the Pension Schemes Act 2015 (meaning of “cash balance benefit”);]
[“collective money purchase scheme” means a scheme or a section of a scheme which is a collective money purchase scheme for the purposes of Part 1 of the 2021 Act;]
[“drawdown pension” has the meaning given in paragraph 4 of Schedule 28 to the Finance Act 2004 (drawdown pension);]
“electronic communication” has the meaning given in section 15(1) of the Electronic Communications Act 2000 (general interpretation);
“excluded person” means a member or beneficiary—
(a)
whose present postal address and electronic address is not known to the trustees or managers of the scheme, and
(b)
in respect of whom the trustees or managers of the scheme have sent correspondence to their last known—
(i)
postal address and that correspondence has been returned, or
(ii)
electronic address and the trustees or managers of the scheme are satisfied that correspondence has not been delivered;
[“flexible benefit” has the meaning given in section 74 of the Pension Schemes Act 2015 (meaning of “flexible benefit”);]
...
[“ill-health condition” has the meaning given in paragraph 1 of Schedule 28 to the Finance Act 2004 (ill-health condition);]
“illustration date” means the date specified by the trustees or managers of the scheme as the date by reference to which amounts are calculated for the purpose of giving the information in Part 2 of Schedule 6 [and in Schedule 6A];
“lifestyling” means an investment strategy that aims progressively to reduce the potential for significant variation caused by market conditions in the value of the member's rights;
“member”—
(a)
in relation to an occupational pension scheme, has the meaning given in section 124(1) of the 1995 Act , and
(b)
in relation to a personal pension scheme, means a member of the scheme;
[“multi-annual reduction” has the meaning given by regulation 2 of the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022;]
[“normal minimum pension age” has the meaning given in section 279(1) of the Finance Act 2004 (other definitions);]
[“pensions guidance” means information or guidance provided by any person in pursuance of the requirements mentioned in section 4 of the Financial Guidance and Claims Act 2018 (information etc. about flexible benefits under pension schemes);]
“prospective member” means a person who, under the terms of their contract of service, the scheme rules or both—
(a)
can choose to become a member of the scheme,
(b)
will be able to choose to become a member of the scheme if they continue in the same employment for a certain period of time,
(c)
will become a member of the scheme automatically unless they choose not to become a member of the scheme, or
(d)
can become a member of the scheme if their employer consents;
“recipient” means the person, organisation or body to whom these Regulations require information or documents to be made available;
“recognised trade union” means an independent trade union (within the meaning given in section 235(1) of the Employment Rights Act 1996 (other definitions)) that is recognised to any extent for the purposes of collective bargaining in relation to members and prospective members of a scheme;
“the Regulator” means the Pensions Regulator established under section 1 of the 2004 Act (the Pensions Regulator);
“relevant employment” means any employment to which the scheme relates;
“relevant guidance” means the document entitled “AS TM1: Statutory Money Purchase Illustrations” that is adopted or prepared, and from time to time revised, by the Financial Reporting Council Limited ;
“relevant person” means a—
(a)
member or prospective member of the scheme,
(b)
spouse or civil partner of a member or prospective member,
(c)
beneficiary of the scheme,
(d)
recognised trade union;
“retirement date” has the meaning given in regulation 19(5);
“scheme year” means, in relation to an occupational pension scheme—
(a)
a year specified for the purposes of the scheme in any scheme document or, if there is no such year specified, a period of 12 months commencing on 1st April or on such other date as the trustees choose, or
(b)
a period between 6 and 18 months specified by the trustees in connection with—
(i)
the commencement or termination of the scheme, or
(ii)
a variation of the date on which the period referred to in paragraph (a) is to commence;
[“survivor” has the meaning given in section 76(1) of the Pension Schemes Act 2015 (interpretation of Part 4);]
“tax registered scheme” means a scheme that—
(a)
is registered under section 153 of the Finance Act 2004 (registration of pension schemes),
(b)
was formerly registered under that section,
(c)
is deemed to be registered under that section by virtue of paragraph 1 of Schedule 36 to that Act (pension schemes: transitional provisions and savings), or
(d)
has applied for registration under that section and the Commissioners for Her Majesty's Revenue and Customs have not decided whether to register the scheme;
[“transferrable rights” has the meaning given in section 93(11)(b) of the 1993 Act (scope of Chapter 1);]
[“unfunded public service defined benefits scheme” has the meaning given in section 95(2C) of the 1993 Act (ways of taking right to cash equivalent);]
“wholly insured scheme” means a scheme under which all the benefits provided are secured by a policy or policies of insurance or annuity contract or contracts.
[(2) In these Regulations—
[(a)a member has an opportunity to transfer flexible benefits where—
(i)the member—
(aa)has transferrable rights in relation to flexible benefits; or
(bb)would have transferrable rights in relation to flexible benefits if the member stopped accruing rights to some or all of the flexible benefits (see sub-paragraph (b)),
and the making of a transfer or transfer payment in respect of the flexible benefits is not prohibited by section 135(4)(a) of the 2004 Act (restrictions on winding up, discharge of liabilities etc. ); or
(ii)the member has an opportunity to transfer accrued rights to flexible benefits out of the scheme under the scheme rules;]
(b)a member stops accruing rights to flexible benefits when there are no longer arrangements in place for the accrual of rights to those flexible benefits for or in respect of the member.]
Textual Amendments
Marginal Citations