Social Security Act 1986

11 In section 66(1) (interpretation)—

(a) the following definition shall be inserted before the definition of " guaranteed minimum pension "—

• “" average salary benefits" means benefits the rate or amount of which is calculated by reference to a member's average salary over the period of service on which the benefits are based ;”;

(b) the following definitions shall be inserted after the definition of " long-term benefit "—

• “" minimum payments " shall be construed in accordance with section 30 above;

• " money purchase benefits " in relation to an occupational pension scheme, means benefits the rate or amount of which is calculated by reference to a payment or payments made by a member of the scheme or by any other person in respect of a member, other than average salary benefits;

• " money purchase contracted-out scheme" means an occupational pension scheme which is contracted-out by virtue of satisfying section 32(2A) above ;”;

(c) the following definition shall be inserted after the definition of " the principal Act "—

• “" protected rights " has the meaning given by Schedule 1 to the Social Security Act 1986 with the substitution made by section 32(2B) above.”.