[F1 Part 7A U.K. Unilateral changes to pension schemes

Textual Amendments

F1 Pt. 7A inserted (29.4.2026 for specified purposes) by Pension Schemes Act 2026 (c. 22), ss. 49(2), 133(1)(4)(e)

117I Interpretation of Part U.K.

(1) In this Part—

• “the best interests test” has the meaning given by section 117D(2);

• “directly affected”, in relation to a unilateral change, has the meaning given by section 117D(3);

• “FCA-regulated”, in relation to a pension scheme, has the meaning given by subsection (2);

• “the independent person”, in relation to a proposed unilateral change, has the meaning given by section 117E(5);

• “money purchase benefits” means money purchase benefits within the meaning of the Pension Schemes Act 1993 (see section 181(1) of that Act) or the Pension Schemes (Northern Ireland) Act 1993 (see section 176(1) of that Act);

• “pension pot” has the meaning given by subsection (3);

• “pension scheme” has the meaning given by section 1(5) of the Pension Schemes Act 1993;

• “personal pension scheme” means a personal pension scheme within the meaning of the Pension Schemes Act 1993 (see section 1(1) of that Act) or the Pension Schemes (Northern Ireland) Act 1993 (see section 1(1) of that Act);

• “provider”—

  (a)

  in relation to an FCA-regulated pension scheme, means the person referred to in subsection (2)(b);

  (b)

  in relation to any other pension scheme, means the trustees or managers of the scheme;

• “terms” , in relation to a pension scheme, has the meaning given by section 117B(6);

• “transfer”, in relation to a pension pot, includes a transfer of an amount representing its value;

• “trustees or managers”, in relation to a pension scheme, means—

  (a)

  in the case of a scheme established under a trust, the trustees of the scheme, and

  (b)

  in any other case, the persons responsible for the management of the scheme;

• “unilateral change” has the meaning given by section 117B(7);

• “unilateral change notice” has the meaning given by section 117F(2).

(2) A pension scheme is “FCA-regulated” if the operation of the scheme—

(a) is a regulated activity, and

(b) is carried on in the United Kingdom by an authorised person.

(3) “Pension pot” means sums or assets held for the purpose of providing money purchase benefits to or in respect of a member of a pension scheme; and—

(a) a reference to the pension scheme that holds a pension pot is to that pension scheme;

(b) a reference to the individual for whom a pension pot is held is to that member.]