Amendment of the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 20067
1
The Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 200617 are amended as follows.
2
In regulation 8(3) (listed changes: occupational pension schemes), at the end insert—
e
to change what elements of pay constitute pensionable earnings, or to change the proportion of or limit the amount of any element of pay that forms part of pensionable earnings, for or in respect of members or members of a particular description.
3
After regulation 8(4) insert—
5
“Pensionable earnings” means the earnings by reference to which pension benefits are calculated, and an “element of pay” includes basic salary, a pay rise, an overtime payment, and a bonus payment.