Exceptions to the sex equality rule: use of actuarial factors which differ for men and women
4.—(1) The factors prescribed for the purposes of paragraph 5(1) of Part 2 of Schedule 7 to the Act (actuarial factors) are actuarial factors which differ for men and women in respect of the differences in the average life expectancy of men and women and which are determined with a view to providing equal periodical pension benefits for men and women.
(2) The following benefits are prescribed for the purposes of paragraph 5(2) of Part 2 of Schedule 7 to the Act—
(a)a lump sum payment which consists of a commuted periodical pension or part of such a pension;
(b)a periodical pension granted in exchange for a lump sum payment;
(c)money purchase benefits within the meaning of section 181(1) of the Pension Schemes Act 1993(1);
(d)transfer credits and any rights allowed to a member by reference to a transfer from a personal pension scheme;
(e)a transfer payment including a cash equivalent within the meaning of section 94 of the Pension Schemes Act 1993(2);
(f)a periodical pension payable in respect of a member who opts to take such benefits before normal pension age or in respect of a member who defers taking such benefits until after normal pension age;
(g)benefits payable to another person in exchange for part of a member’s benefits and the part of the member’s benefits given up for that purpose.
The definition of “money purchase benefits” was amended by S.I. 2005/2053.
Section 94 was amended by s154 of the Pensions Act 1995, Part 1 of Schedule 12 to the Welfare Reform and Pensions Act 1999 (c.30) and Schedule 12 to the Pensions Act 2004.