Part III Certification of Pension Schemes and Effects on Members’ State Scheme Rights and Duties
Chapter I Certification
Requirements for certification of occupational and personal money purchase schemes
I129 The pension and annuity requirements.
1
For the purposes of section 28 a pension complies with the pension requirements if—
a
it commences—
i
in the case of an occupational pension scheme, on a date not earlier than that on which the member attains the age of 60 nor later than that on which he attains the age of 65, or
ii
in the case of a personal pension scheme, on the date on which the member attains pensionable age, or
iii
in either case, on such later date as has been agreed by him,
and continues until the date of his death; and
b
in a case where the member dies while it is payable to him and is survived by a widow or widower—
i
it is payable to the widow or widower in prescribed circumstances and for the prescribed period at an annual rate which at any given time is one-half of the rate at which it would have been payable to the member if the member had been living at that time; or
ii
where that annual rate would not exceed a prescribed amount and the circumstances are such as may be prescribed, a lump sum calculated in a manner satisfactory to the Board is provided in lieu of it.
2
As respects the period of 5 years beginning with the commencement of the pension referred to in subsection (1), that subsection shall have effect in relation to that pension as if the words “at least” were inserted immediately before the words “one-half” in paragraph (b)(i).
3
For the purposes of section 28 an annuity complies with the annuity requirements if—
a
it satisfies the requirements mentioned in subsections (1) and (2) (taking the references in those subsections to pensions as references to annuities); and
b
it is provided by an insurance company which—
i
satisfies prescribed conditions;
ii
complies with such conditions as may be prescribed as to the calculation of annuities provided by it and as to the description of persons by or for whom they may be purchased; and
iii
subject to subsection (4), has been chosen by the member.
4
A member is only to be taken to have chosen an insurance company if he gives notice of his choice to the trustees or managers of the scheme within the prescribed period and in such manner and form as may be prescribed, and with any such supporting evidence as may be prescribed; and, if he does not do so, the trustees or managers may themselves choose the insurance company instead.