Test schemeN.I.
23—(1) A test scheme is an occupational pension scheme which satisfies—
(a)the requirements of subsections (2) and (4), and
(b)any prescribed requirements.
(2) The scheme must provide for a member to be entitled to a pension commencing at the appropriate age and continuing for life.
(3) The appropriate age is 65 or any higher age prescribed.
(4) The annual rate of the pension at that age must be—
(a)1/120th of average qualifying earnings in the last three tax years preceding the end of pensionable service,
multiplied by
(b)the number of years of pensionable service, up to a maximum of 40.
(5) Section 13(1) (qualifying earnings) applies for the purposes of this section as if the reference to a pay reference period were a reference to a tax year.
Modifications etc. (not altering text)
C1S. 23 modified (1.10.2012) by Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations (Northern Ireland) 2010 (S.R. 2010/122), regs. 41(2), 42(2)
Commencement Information
I1S. 23 partly in force; s. 23 in force for certain purposes at Royal Assent see s. 118(2)