11(1)For the purposes of this Part the member’s alternatively secured pension fund in respect of an arrangement consists of such of the sums and assets held for the purposes of the arrangement as—U.K.
(a)meet condition A or condition B, and
(b)have not been subsequently applied for purchasing a scheme pension or a lifetime annuity or paid as income withdrawal.
(2)Condition A is that the sums and assets were part of the member’s unsecured pension fund in respect of the arrangement when the member reached the age of 75.
(3)Condition B is that the sums and assets—
(a)became held for the purposes of the arrangement after the member reached the age of 75, or
(b)if the arrangement is a relevant arrangement, have at any time since the member reached that age been designated as available for the payment of alternatively secured pension to the member.
(4)A relevant arrangement is an arrangement which became a money purchase arrangement after the member reached the age of 75 (having previously been a hybrid arrangement under which, in certain circumstances, defined benefits were payable).