The Arrangements of the Scheme are the Shared Cost Arrangement, the Defined Benefit Arrangement and the Defined Contribution Arrangement.
1. This Rule sets out the meaning of words used in the these Rules.
| “Accumulated Fund” | means a Member’s accumulated fund as described in Rule 5 (Member’s Accumulated Fund). |
| “Benefit Date” | means a Member’s benefit date as described in Rule 6A (Benefit Date). |
| “Dependant” | means any person who the Trustee determines is financially dependent on another person or was so dependent at the time of the other person’s death. |
| “Earnings Cap” | means the amount specified for the purposes of section 590C of the Taxes Act. |
| “Employee” | means a permanent employee or director of a Participating Employer. |
| “Final Pensionable Pay” | means the average of the Member’s Pensionable Pay during the 12 months ending on the date the Member leaves Service, reaches Minimum Pension Age or dies, whichever is earlier. If the Member was not in Service for the whole of the last 12 months, his Pensionable Pay shall be deemed to continue for the balance of the year for the purpose of calculating Final Pensionable Pay. |
| “GMP” | means a guaranteed minimum pension (or accrued right to one) under the Pensions Act. |
| “Incapacity” | means permanent physical or mental incapacity which the Trustee determines prevents a Member from following his normal occupation or seriously impairs his earning capacity. |
| “Lump Sum Death Benefit” | means the amount payable under Rule 7A (Using the Member’s Accumulated Fund) on the Member’s death before his Benefit Date at the rate chosen by the Designated Employer under Clause 3D of the Pension Trust (Defined Benefit Arrangement) and set out in the Deed of Establishment and Participation. |
| “Member’s Contribution Rate” | means the contribution rate chosen by the Designated Employer under Clause 3D of the Pension Trust and set out in the Deed of Establishment and Participation. |
| “Minimum Pension Age” | means the age chosen by the Designated Employer under Clause 3D of the Pension Trust (Defined Benefit Arrange– ment) and set out in the Deed of Establishment and Participation. |
| “Participating Employer” | means an employer participating in the Section. |
| “Pension Trust” | means the trust which governs the Scheme. |
| “Pensionable Pay” | means the Member’s annual basic salary or wages earned from the Participating Employer together with such other remuneration as the Participating Employer, with the consent of the Trustee, decides. Pensionable Pay cannot, however, exceed the amount of the Earnings Cap at the relevant date. |
| “Pensionable Service” | means the Member’s Service after joining the Section. |
| “Section” | means in relation to a particular Designated Employer the Defined Contribution Section for that Participating Em– ployer. |
| “Service” | means employment as an Employee. |