PART 4 U.K. Pensions flexibilities

CHAPTER 5 U.K. Interpretation of Part 4

76 Interpretation of Part 4 U.K.

UK definitions

(1) In this Part—

• “cash balance benefit” has the meaning given by section 75;

• “dependants' drawdown pension”, in relation to a survivor, has the meaning given by paragraph 18 of Schedule 28 to the Finance Act 2004;

• “drawdown pension”, in relation to a member, has the meaning given by paragraph 4 of Schedule 28 to the Finance Act 2004;

• “flexible benefit” has the meaning given by section 74;

• “nominees' drawdown pension”, in relation to a survivor, has the meaning given by paragraph 27B of Schedule 28 to the Finance Act 2004;

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

  (a)

  the earliest age at which, or earliest occasion on which, the member or survivor 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;

• “subsisting right”—

  (a)

  in relation to a member of a pension scheme means—

  (i)

  any right which has accrued to or in respect of the member to future benefits under the scheme, or

  (ii)

  any entitlement to benefits under the scheme,

  (b)

  in relation to a survivor of a member of a pension scheme, means any right to future benefits, or entitlement to benefits, which the survivor has under the scheme in respect of the member;

• “successors' drawdown pension”, in relation to a survivor, has the meaning given by paragraph 27G of Schedule 28 to the Finance Act 2004;

• “survivor”, in relation to a member of a pension scheme, means a person who has survived the member and has a right to future benefits, or is entitled to benefits, under the scheme in respect of the member;

• “trustees or managers” means—

  (a)

  in relation to a scheme established under a trust, the trustees, and

  (b)

  in relation to any other scheme, the managers;

• “uncrystallised funds pension lump sum” has the meaning given by paragraph 4A of Schedule 29 to the Finance Act 2004.

Great Britain only definitions

(2) In any provision of this Part as it extends to England and Wales and Scotland—

• “money purchase benefits” has the meaning given by section 181 of the Pension Schemes Act 1993;

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

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

Northern Ireland only definitions

(3) In any provision of this Part as it extends to Northern Ireland—

• “money purchase benefits” has the meaning given by section 176 of the Pension Schemes (Northern Ireland) Act 1993;

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

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