The Judicial Pensions (Additional Voluntary Contributions) Regulations 2017

Interpretation

2.  In these Regulations –

“the 2004 Act” means the Finance Act 2004(1);

“the 2015 regulations” means the Judicial Pensions Regulations 2015(2);

“the 2015 scheme” means the judicial pension scheme created by the 2015 regulations;

“active member” means a person who is in pensionable service under the 2015 scheme;

“AVC member” means an active member who has given a notice under regulation 6(2);

“AVC scheme” means the scheme established under regulation 3;

“authorised provider” has the same meaning as in section 1(9) of the Superannuation Act 1972(3);

“Judicial Pension Board” means the Judicial Pension Board established by regulation 6(1) of the 2015 regulations in accordance with regulations 7 and 8 of those regulations;

“judicial pension scheme” means the 2015 scheme or the scheme constituted by the Judicial Pensions (Additional Voluntary Contributions) Regulations 1995(4);

“normal minimum pension age” has the same meaning as in section 279(1) (other definitions) of the 2004 Act;

“pensionable service” has the same meaning as in Chapter 2 of Part 4 of the 2015 regulations;

“qualifying recognised overseas pension scheme” has the meaning given in section 169(2) of the 2004 Act(5);

“registered scheme” means a pension scheme that is a registered pension scheme under Chapter 2 of Part 4 of the 2004 Act;

“AVC scheme assets” means the total value of A minus B, where—

• A is the sum of the realisable value of the investments made by the scheme manager with the contributions paid by the AVC member, plus any transfer value accepted under regulation 10; and

• B is the sum of—

  (i)

  any amount deducted for tax under regulation 15;

  (ii)

  the fees or charges of an authorised provider in relation to the investments made by the scheme manager defrayed in accordance with regulation 16; and

  (iii)

  any amount that has already been transferred out of the AVC scheme under regulation 14.

“scheme contributions” means the total of payments made under regulation 9(2)(a), (b) and (c);

“scheme manager” has the meaning given in regulation 4;

“tax year” has the meaning given in section 4(2) of the Income Tax Act 2007(6) (as applied by section 989 of that Act).

(1)

2004 c. 12.

(2)

S.I. 2015/182.

(3)

1972 c. 11; section 1(9) was amended by S.I. 2001/3649 Part. 3, article 106(3) and the Financial Services Act 2012 (c. 21), Schedule 18(2), paragraph 35.

(4)

S.I. 1995/639, as amended by S.I. 1996/52, 2000/342, 2005/2506, 2005/3325, 2006/747, 2007/1898, 2012/516, and the Employment Rights (Dispute Resolution) Act 1998 (c. 8).

(5)

Amended by the Finance Act 2013 (c. 29) Part 1, Chapter 4, section 53(5)(a).

(6)

2007 c. 3.