Section 99 — Pensions Act 2008: Interpretation of Part

Interpretation of Part 99 1 In this Part— “active member”—

in relation to an occupational pension scheme, means a person who is in pensionable service under the scheme; in relation to a personal pension scheme, means a jobholder in relation to whom there is an agreement within section 26(4) between the provider of the scheme and the employer or (where section 9 applies) a worker in relation to whom there are direct payment arrangements (within the meaning of section 111A of the Pension Schemes Act 1993 (c. 48)) between the worker and the employer; “ automatic enrolment scheme ” is to be read in accordance with section 3(8); “ average salary benefits ” means benefits the rate or amount of which is calculated by reference to the average salary of a member over the period of service on which the benefits are based; “ collective money purchase benefit ” has the meaning given by section 1 of the Pension Schemes Act 2021; “ contract of employment ” has the meaning given by section 88; “ defined benefits ”, in relation to a member of an occupational pension scheme, means benefits which are not money purchase benefits (but the rate or amount of which is calculated by reference to earnings or service of the member or any other factor other than an amount available for their provision); “ defined benefits scheme ” means an occupational pension scheme under which all the benefits that may be provided are defined benefits; “employer”, “employment” and related expressions have the meaning given by section 88; “ enrolment duty ” means a duty under section 3(2), 5(2), 7(3) or 9(2); “ group personal pension scheme ” means a personal pension scheme which is available, or intended to be available, to employees of the same employer or of employers within a group, but does not include—

a stakeholder pension scheme (as defined in section 1 of the Welfare Reform and Pensions Act 1999), or any pension scheme that requires all its members to make a choice as to how their contributions are invested;”; “ hybrid scheme ” means an occupational pension scheme which is neither a defined benefits scheme nor a money purchase scheme; ... “ jobholder ” has the meaning given by section 1(1); “ money purchase benefits ”, in relation to a member of a pension scheme, means— benefits the rate or amount of which is calculated by reference to a payment or payments made by the member or by any other person in respect of the member and which fall within section 99A , and collective money purchase benefits; “ money purchase scheme ” means an occupational pension scheme under which all the benefits that may be provided are money purchase benefits; “ occupational pension scheme ” has the meaning given by section 18; “ pension scheme ” has the meaning given by section 1(5) of the Pension Schemes Act 1993 (c. 48); “ pensionable age ” has the meaning given by the rules in paragraph 1 of Schedule 4 to the Pensions Act 1995 (c. 26); “ pensionable service ”, in relation to a member of an occupational pension scheme, means service in any description of employment to which the scheme relates which qualifies the member (on the assumption that it continues for the appropriate period) for pension or other benefits under the scheme; “ personal pension scheme ” has the meaning given by section 19; “ prescribed ” means prescribed by regulations; “provider”—

in relation to a personal pension scheme to which section 26 applies, means the person referred to in subsection (1)(b) of that section; in relation to any other personal pension scheme, has the meaning prescribed; “ qualifying earnings ” has the meaning given by section 13; “ qualifying scheme ” is to be read in accordance with section 2(5); “ regulations ” means regulations made by the Secretary of State; “ Regulatory Authority ” has the meaning given by regulations under subsection (2); “ the Regulator ” means the Pensions Regulator; “ relevant Master Trust ” has the meaning given by section 20(4); “ tax year ” means the 12 months beginning with 6th April in any year; “trustee or manager”—

in relation to England and Wales or Scotland, is to be construed in accordance with section 178 of the Pension Schemes Act 1993 (c. 48) (trustees and managers of schemes: interpretation); in relation to Northern Ireland, is to be construed in accordance with section 173 of the Pension Schemes (Northern Ireland) Act 1993 (c. 49) (trustees or managers of schemes); “ worker ” has the meaning given by section 88.

2 The Secretary of State may by regulations define “ Regulatory Authority ” for the purposes of this Part.