PART 2 E+W+SMoney purchase underpin benefits and top-up benefits

Interpretation and application of this Part E+W+S

3.—(1) This Part—

(a) applies in relation to any period after 1st January 1997; and

(b) is subject to the contrary provision for transitional purposes made by these Regulations.

(2) In this Part—

(a) “defined benefit minimum” means—

(i) in relation to money purchase underpin benefits, benefits which are not money purchase benefits, but which accrue or may accrue under an occupational pension scheme in respect of the same period of a member’s pensionable service as the member’s rights to money purchase underpin benefits; or

(ii) in relation to top-up benefits, a specified minimum value or amount, where, under the scheme, a member is promised that the member’s rights to money purchase benefits will be at least equal to that specified minimum value or amount; and

(b) a “top-up benefit” is a benefit—

(i) the value or amount of which is greater than nil; and

(ii) to which, under an occupational pension scheme, a member only has rights where the amount of the member’s rights to money purchase benefits falls short of a defined benefit minimum promised to the member.

Commencement Information

I1 Reg. 3 comes into force in accordance with reg. 1(1)