Pensions Act 2004

Other definitions

37 (1) In this Schedule—

• “deferred member”, in relation to the scheme, means a person who, under the admissible rules, has accrued rights other than—

  (a)

  an active member, or

  (b)

  a person who in respect of his pensionable service is entitled to the present payment of pension or other benefits;

• “normal benefit age”, in relation to the scheme and a person with rights to a pension or lump sum under it attributable (directly or indirectly) to a pension credit, means the age specified in the admissible rules as the earliest age at which that pension or lump sum becomes payable without actuarial adjustment (disregarding any scheme rule making special provision as to early payment on grounds of ill health or otherwise);

• “pension credit member”, in relation to the scheme, means a person who has rights under the scheme which are attributable (directly or indirectly) to a pension credit;

• “pension credit rights”, in relation to the scheme, means rights to future benefits under the scheme which are attributable (directly or indirectly) to a pension credit;

• “retail prices index” means—

  (a)

  the general index of retail prices (for all items) published by the Office for National Statistics, or

  (b)

  where that index is not published for a month, any substituted index or figures published by that Office;

• “the scheme” is to be construed in accordance with paragraph 1.

(2) For the purposes of this Schedule the accrued rights of a member of the scheme at any time are the rights (other than rights attributable (directly or indirectly) to a pension credit) which, in accordance with the admissible rules, have accrued to or in respect of him at that time to future benefits.

(3) In this Schedule references to a pension or lump sum under the admissible rules of the scheme, or a right to such a pension or lump sum, do not include a pension or lump sum, or right to a pension or lump sum, which is a money purchase benefit.

(4) In this Schedule references to “ill health” are to be construed in accordance with regulations under this sub-paragraph.