1.—(1) These Regulations may be cited as the Pension Sharing (Pension Credit Benefit) Regulations 2000 and shall come into force on 1st December 2000.
(2) In these Regulations—
“the 1993 Act" means the Pension Schemes Act 1993;
“the 1995 Act" means the Pensions Act 1995;
“the 1999 Act" means the Welfare Reform and Pensions Act 1999;
[F1“the 2004 Act” means the Pensions Act 2004;]
“the Taxes Act" means the Income and Corporation Taxes Act 1988M1;
“active member", in relation to an occupational pension scheme, means a person who is in pensionable service under the scheme;
“appropriate scheme" shall be construed in accordance with section 9(5) of the 1993 Act;
“base rate" means the base rate for the time being quoted by the reference banks or, where there is for the time being more than one such base rate, the base rate which, when the base rate quoted by each bank is ranked in a descending sequence of seven, is fourth in the sequence;
“contracted-out rights" has the meaning given by section 68A(5) of the 1993 ActM2;
[F2“effective date” in paragraph (4) or (4A) of regulation 27 means the date as at which the assets and liabilities are valued;]
“eligible member" has the meaning given by section 101P(1) of the 1993 ActM3;
“employer" has the meaning given by section 181(1) of the 1993 Act;
“incapacity" means physical or mental deterioration which is sufficiently serious to prevent a person from following his normal employment or which seriously impairs his earning capacity;
“the Inland Revenue" means the Commissioners of Inland Revenue;
“member" means a member of an occupational pension scheme or a personal pension scheme and includes an eligible member;
“money purchase benefits" has the meaning given by section 181(1) of the 1993 ActM4
“money purchase contracted-out scheme" has the meaning given by section 8(1)(a)(ii) of the 1993 Act;
“money purchase scheme" has the meaning given by section 181(1) of the 1993 Act;
“normal benefit age" has the meaning given by section 101B of the 1993 ActM5;
“occupational pension scheme" has the meaning given by section 1 of the 1993 Act;
“overseas arrangement" has the meaning given by regulation 1(2) of the Contracting-out (Transfer and Transfer Payment) Regulations 1996M6;
“overseas scheme" has the meaning given by regulation 1(2) of the Contracting-out (Transfer and Transfer Payment) Regulations 1996M7;
“pension credit benefit" has the meaning given by—
section 101B of the 1993 Act insofar as that expression is used in Part II of these Regulations; and
section 101P of the 1993 Act insofar as that expression is used in Part III of these Regulations;
“pension credit rights" has the meaning given by—
section 101B of the 1993 Act insofar as that expression is used in Part II of these Regulations; and
section 101P of the 1993 Act insofar as that expression is used in Part III of these Regulations;
“pensionable service" has the meaning given by section 124(1) of the Pensions Act 1995M8;
“personal pension scheme" has the meaning given by section 1 of the 1993 ActM9;
“principal appointed day" has the meaning given by section 7(2B) of the 1993 ActM10;
“qualifying occupational pension scheme" has the meaning given by section 40(3) of the 1999 Act;
“qualifying scheme" has the meaning given by section 101P(1) of the 1993 Act;
[F3“the reference banks” means the seven largest persons for the time being who—
have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits; and
quote a base rate in sterling;
and for the purpose of this definition the size of a person at any time is to be determined by reference to the gross assets denominated in sterling of that person, together with any subsidiary (as defined in section 736 of the Companies Act 1985), as shown in the audited end of year accounts last published before that time.]
“Regulatory Authority" means the Occupational Pensions Regulatory Authority;
“relevant pension" means a pension to which section 40(2) of the 1999 Act applies;
“safeguarded rights" has the meaning given by section 68A of the 1993 ActM11;
“salary related contracted-out scheme" has the meaning given by section 8(1)(a)(i) of the 1993 ActM12
“scheme" has the meaning given by section 101B of the 1993 ActM13;
“statement of entitlement" means the statement of the amount of the cash equivalent of an eligible member’s pension credit benefit under a qualifying scheme referred to in section 101H(1) of the 1993 Act;
“transfer credits" means rights allowed to a person under the rules of an occupational or personal 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);
“transfer notice" has the meaning given by section 101F(7) of the 1993 Act;
“trustees or managers" has the meaning given by section 46(1) of the 1999 Act;
“valuation date" has the meaning given by section 101J(7) of [F4the 1993 Act;]
[F5“valuation day” has the meaning given in section 29(7) of the 1999 Act.]
[F6(3) The definition of “the reference banks” in paragraph (2) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.]
Textual Amendments
F1Words in reg. 1(2) inserted (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), regs. 1, 20(1), Sch. 3 para. 11(2)
F2Words in reg. 1(2) inserted (4.8.2003) by The Occupational Pension Schemes (Transfer Values and Miscellaneous Amendments) Regulations 2003 (S.I. 2003/1727), regs. 1, 6(2)(a)
F3Words in reg. 1(2) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 592(1)
F4Words in reg. 1(2) substituted (4.8.2003) by The Occupational Pension Schemes (Transfer Values and Miscellaneous Amendments) Regulations 2003 (S.I. 2003/1727), regs. 1, 6(2)(b)
F5Words in reg. 1(2) added (4.8.2003) by The Occupational Pension Schemes (Transfer Values and Miscellaneous Amendments) Regulations 2003 (S.I. 2003/1727), regs. 1, 6(2)(c)
F6Reg. 1(3) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 592(2)
Marginal Citations
M2Section 68A is inserted by section 36 of the Welfare Reform and Pensions Act 1999.
M3Section 101P is inserted by section 37 of the Welfare Reform and Pensions Act 1999.
M4Section 181 was amended by the 1995 Act, the Industrial Tribunals Act 1996 (c.17) and is amended by the Welfare Reform and Pensions Act 1999.
M5Section 101B is inserted by section 37 of the Welfare Reform and Pensions Act 1999.
M6S.I. 1996/1462 as amended by S.I. 1997/786.
M7The definition of “overseas scheme" was amended by S.I. 1997/786.
M8Section 124 is amended by paragraph 61 of Schedule 12 to the Welfare Reform and Pensions Act 1999.
M9The definition of “personal pension scheme" is amended by paragraph 3(1)(a) of Schedule 2 to the Welfare Reform and Pensions Act 1999.
M10Section 7(2B) was inserted by section 136(1) of the Pensions Act 1995.
M11Section 68A is inserted by section 36 of the Welfare Reform and Pensions Act 1999.
M12Section 8(1)(a)(i) was substituted by section 136(2) of the Pensions Act 1995.
M13Section 101B is inserted by section 37 of the Welfare Reform and Pensions Act 1999.
2. For the purposes of Chapter II of Part IVA of the 1993 Act M14 (requirements relating to pension credit benefit—transfer values) and these Regulations, an occupational pension scheme is salary related if it is not a money purchase scheme and it is not a scheme—
(a)the only benefit provided by which (other than money purchase benefits) are death benefits; and
(b)under the provisions of which no member has accrued rights (other than rights to money purchase benefits).
Marginal Citations
M14Part IVA is inserted by section 37 of the Welfare Reform and Pensions Act 1999.