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29. In regulation 2.A.1 (interpretation of part 2: general), at the appropriate places, insert—
““approved salary sacrifice arrangement” means an arrangement specified by the scheme manager under which the member gives up the right to receive part of their salary in return for their employer agreeing to provide the member with benefits in kind as specified by the scheme manager;
“lump sum and death benefit allowance” in relation to a person, has the meaning given in section 637R of the Income Tax (Earnings and Pensions) Act 2003(1);
“salary sacrifice arrangement” means an arrangement under which the member gives up the right to receive an amount of pensionable pay in return for the provision of a benefit in kind;”.
2003 c. 1. Section 637R was inserted by the Finance Act 2024 (c. 3).
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