F1PART IVA REQUIREMENTS RELATING TO PENSION CREDIT BENEFIT

Annotations:
Amendments (Textual)
F1

Pt. 4A Chapters 1, 2 (ss. 97A-97Q) inserted (1.12.1999 for certain purposes and otherwise 1.12.2000) by S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 34; S.R. 2000/133, art. 2(3), Sch. Pt. IV

C1CHAPTER II TRANSFER VALUES

Annotations:
Modifications etc. (not altering text)

97P Interpretation of Chapter II.

1

In this Chapter—

  • F2category”, in relation to benefits, has the meaning given by section 97F(6B);

  • “eligible member”, in relation to a qualifying scheme, means a member who has pension credit rights under the scheme;

  • F2flexible benefit” has the meaning given by section 74 of the Pension Schemes Act 2015;

  • “normal benefit age”, in relation to an eligible member of a qualifying scheme, means the earliest age at which the member is entitled to receive a pension by virtue of his pension credit rights under the scheme (disregarding any scheme rule making special provision as to early payment of pension on grounds of ill-health or otherwise);

  • F3...

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

  • “qualifying scheme” means a funded occupational pension scheme and a personal pension scheme;

  • “transfer notice” has the meaning given by section 97F(7).

F42

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3

In this Chapter, references to the relevant statement under section 97H, in relation to a transfer notice F5in relation to benefits other than money purchase benefits, are to the statement under that section on which the giving of the notice depended.

4

For the purposes of this section, an occupational pension scheme is funded if it meets its liabilities out of a fund accumulated for the purpose during the life of the scheme.