Pension Schemes Act 2015

Interpretation of Part 2

35 Interpretation of Part 2

(1) In this Part—

• “collective benefit” has the meaning given by section 8;

• “collective benefit investments”, in relation to a scheme, means investments held for the purposes of the provision of any collective benefits under the scheme;

• “deficit”, in respect of a collective benefit, has the meaning given by section 21 (but this definition does not apply in section 23, which contains its own definition);

• “money purchase benefit” has the meaning given by section 181 of the Pension Schemes Act 1993;

• “pension scheme” has the meaning given by section 1(5) of the Pension Schemes Act 1993;

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

• “required range”, in relation to a level of probability, means the range specified in regulations under section 9(2)(c);

• “surplus”, in respect of a collective benefit, has the meaning given by section 21;

• “target” means a target required by regulations under section 9;

• “trustees or managers” means—

  (a)

  in relation to a scheme established under a trust, the trustees, and

  (b)

  in relation to any other scheme, the managers;

• “valuation report” has the meaning given by section 19.

(2) A power conferred by this Part to make provision corresponding or similar to any provision made by a section of another Act includes a power to make provision corresponding or similar to any provision that may be made by regulations under that section.