Amendment of regulation 2
This section has no associated Explanatory Memorandum
3.—(1) Regulation 2 (interpretation)() becomes paragraph (1) of that regulation.
(2) In paragraph (1)—
(a)after the definition of “the 2004 Act” insert—
““the 2013 Act” means the Public Service Pensions Act 2013();”;
(b)insert in the appropriate alphabetical places—
““drawdown pension” has the meaning given in paragraph 4 of Schedule 28 to the Finance Act 2004 (drawdown pension)();”;
““flexible benefit” has the meaning given in section 74 of the Pension Schemes Act 2015 (meaning of “flexible benefit”)();”;
““normal minimum pension age” has the meaning given in section 279(1) of the Finance Act 2004 (other definitions)();”;
““pensions guidance” means guidance given by a designated guidance provider (which has the meaning given in section 333E(1) of the Financial Services and Markets Act 2000 (designation of providers)()) for the purpose of helping a member of a pension scheme, or a survivor of a member of a pension scheme, to make decisions about what to do with the flexible benefits that may be provided to the member or survivor;”;
““survivor” has the meaning given in section 76(1) of the Pension Schemes Act 2015 (interpretation of Part 4);”;
““transferrable rights” has the meaning given in section 93(11)(b) of the 1993 Act (scope of Chapter 1)();”;
(c)for the definition of “cash balance benefit”() substitute—
““cash balance benefit” has the meaning given in section 75 of the Pension Schemes Act 2015 (meaning of “cash balance benefit”);”;
(d)before the definition of “illustration date” insert—
““ill-health condition” has the meaning given in paragraph 1 of Schedule 28 to the Finance Act 2004 (ill-health condition);”;
(e)omit the definition of “funded”.
(3) After paragraph (1) insert—
“(2) In these Regulations—
(a)a member has an opportunity to transfer flexible benefits where the member—
(i)has transferrable rights in relation to flexible benefits;
(ii)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)); or
(iii)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.”.