Pensions Act 1995

124 Interpretation of Part I

(1) In this Part—

• “active member”, in relation to an occupational pension scheme, means a person who is in pensionable service under the scheme,

• “the actuary” and “the auditor”, in relation to an occupational pension scheme, have the meanings given by section 47,

• “the Authority” has the meaning given by section 1(1),

• “the Compensation Board” has the meaning given by section 78(1),

• “the compensation provisions” has the meaning given by section 81(3),

• “contravention” includes failure to comply,

• “deferred member”, in relation to an occupational pension scheme, means a person (other than an active or pensioner member) who has accrued rights under the scheme,

• “employer”, in relation to an occupational pension scheme, means the employer of persons in the description or category of employment to which the scheme in question relates (but see section 125(3)),

• “equal treatment rule” has the meaning given by section 62,

• “firm” means a body corporate or a partnership,

• “fund manager”, in relation to an occupational pension scheme, means a person who manages the investments held for the purposes of the scheme,

• “independent trustee” has the meaning given by section 23(3),

• “managers”, in relation to an occupational pension scheme other than a trust scheme, means the persons responsible for the management of the scheme,

• “member”, in relation to an occupational pension scheme, means any active, deferred or pensioner member (but see section 125(4)),

• “member-nominated director” has the meaning given by section 18(2),

• “member-nominated trustee” has the meaning given by section 16(2),

• “the minimum funding requirement” has the meaning given by section 56,

• “normal pension age” has the meaning given by section 180 of the [1993 c. 48.] Pension Schemes Act 1993,

• “payment schedule” has the meaning given by section 87(2),

• “pensionable service”, in relation to a member of an occupational pension scheme, means service in any description or category of employment to which the scheme relates which qualifies the member (on the assumption that it continues for the appropriate period) for pension or other benefits under the scheme,

• “pensioner member”, in relation to an occupational pension scheme, means a person who in respect of his pensionable service under the scheme or by reason of transfer credits, is entitled to the present payment of pension or other benefits,

• “prescribed” means prescribed by regulations,

• “professional adviser”, in relation to a scheme, has the meaning given by section 47,

• “public service pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993,

• “regulations” means regulations made by the Secretary of State,

• “resources”, in relation to an occupational pension scheme, means the funds out of which the benefits provided by the scheme are payable from time to time, including the proceeds of any policy of insurance taken out, or annuity contract entered into, for the purposes of the scheme,

• “Scottish partnership” means a partnership constituted under the law of Scotland,

• “the Taxes Act 1988” means the [1993 c. 48.] Income and Corporation Taxes Act 1988,

• “transfer credits” means rights allowed to a member under the rules of an occupational pension scheme by reference to a transfer to that scheme of his accrued rights from another scheme (including any transfer credits allowed by that scheme),

• “trustees or managers”, in relation to an occupational pension scheme, means—

  (a)

  in the case of a trust scheme, the trustees of the scheme, and

  (b)

  in any other case, the managers of the scheme,

• “trust scheme” means an occupational pension scheme established under a trust.

(2) For the purposes of this Part—

(a) the accrued rights of a member of an occupational pension scheme at any time are the rights which have accrued to or in respect of him at that time to future benefits under the scheme, and

(b) at any time when the pensionable service of a member of an occupational pension scheme is continuing, his accrued rights are to be determined as if he had opted, immediately before that time, to terminate that service;

and references to accrued pension or accrued benefits are to be interpreted accordingly.

(3) In determining what is “pensionable service” for the purposes of this Part—

(a) service notionally attributable for any purpose of the scheme is to be disregarded, and

(b) no account is to be taken of any rules of the scheme by which a period of service can be treated for any purpose as being longer or shorter than it actually is.

(4) In the application of this Part to Scotland, in relation to conviction on indictment, references to imprisonment are to be read as references to imprisonment for a term not exceeding two years.

(5) Subject to the provisions of this Act, expressions used in this Act and in the [1993 c. 48.] Pension Schemes Act 1993 have the same meaning in this Act as in that.