PART 1CATEGORIES OF PENSION SCHEME

Interpretation of Part 1

7.  In this Part—

“fixed”, in respect of normal pension age in relation to a benefit, means incapable of changing except by an amendment to the scheme rules;

“full pensions promise” has the meaning given by section 5;

“legislation” means a statutory provision as defined by section 1(f) of the Interpretation Act (Northern Ireland) 1954;

“level”, in relation to a retirement benefit, means—

(a)

in the case of retirement income, the rate of that income, and

(b)

in the case of a retirement lump sum, the amount of that lump sum;

“normal pension age”, in relation to a benefit for a member of a pension scheme, means—

(a)

the earliest age at which, or earliest occasion on which, the member is entitled to receive the benefit without adjustment for taking it early or late (disregarding any special provision as to early payment on the grounds of ill health or otherwise), or

(b)

if there is no such age or occasion, normal minimum pension age as defined by section 279(1) of the Finance Act 2004;

“pensions promise” has the meaning given by section 5;

“pension scheme” has the meaning given by section 1(5) of the Pension Schemes Act;

“public service pensions legislation” means—

(a)

the Public Service Pensions Act (Northern Ireland) 2014,

(b)

the Superannuation (Northern Ireland) Order 1972, and

(c)

any other provision by or under which a public service pension scheme is established;

“public service pension scheme” has the meaning given by section 1(1) of the Pension Schemes Act;

“retirement benefit”, in relation to a member of a pension scheme, means—

(a)

retirement income, or

(b)

a retirement lump sum;

“retirement income”, in relation to a member of a pension scheme, means a pension or annuity payable to the member on reaching normal pension age;

“retirement lump sum”, in relation to a member of a pension scheme, means a lump sum payable to the member on reaching normal pension age or available for the provision of other retirement benefits for the member on or after reaching normal pension age.