The Pension Sharing (Pension Credit Benefit) Regulations 2000

Citation, commencement and interpretationE+W+S

1.—(1) These Regulations may be cited as the Pension Sharing (Pension Credit Benefit) Regulations 2000 and shall come into force on 1st December 2000.

(2) In these Regulations—

• “the 1993 Act" means the Pension Schemes Act 1993;

• “the 1995 Act" means the Pensions Act 1995;

• “the 1999 Act" means the Welfare Reform and Pensions Act 1999;

• [F1“the 2004 Act” means the Pensions Act 2004;]

• F2...

• “the Taxes Act" means the Income and Corporation Taxes Act 1988M1;

• “active member", in relation to an occupational pension scheme, means a person who is in pensionable service under the scheme;

• F3...

• “base rate" means the base rate for the time being quoted by the reference banks or, where there is for the time being more than one such base rate, the base rate which, when the base rate quoted by each bank is ranked in a descending sequence of seven, is fourth in the sequence;

• [F4“categories of benefits” refers to the categories listed in paragraphs (a) to (c) of section 101F(6B) of the 1993 Act;]

• F5...

• F2...

• “eligible member" has the meaning given by section 101P(1) of the 1993 ActM2;

• “employer" has the meaning given by section 181(1) of the 1993 Act;

• F6...

• “the Inland Revenue" means the Commissioners of Inland Revenue;

• “member" means a member of an occupational pension scheme or a personal pension scheme and includes an eligible member;

• “money purchase benefits" has the meaning given by section 181(1) of the 1993 ActM3

• F3...

• “money purchase scheme" has the meaning given by section 181(1) of the 1993 Act;

• “normal benefit age" has the meaning given by section 101B of the 1993 ActM4;

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

• “overseas arrangement" has the meaning given by regulation 1(2) of the Contracting-out (Transfer and Transfer Payment) Regulations 1996M5;

• “overseas scheme" has the meaning given by regulation 1(2) of the Contracting-out (Transfer and Transfer Payment) Regulations 1996M6;

• [F7“pension credit benefit” has the meaning given by section 101B of the 1993 Act insofar as that expression is used in Part II of these Regulations;]

• “pension credit rights" has the meaning given by—

  (a)

  section 101B of the 1993 Act insofar as that expression is used in Part II of these Regulations; and

  (b)

  section 101P of the 1993 Act insofar as that expression is used in Part III of these Regulations;

• “pensionable service" has the meaning given by section 124(1) of the Pensions Act 1995M7;

• “personal pension scheme" has the meaning given by section 1 of the 1993 ActM8;

• “principal appointed day" has the meaning given by section 7(2B) of the 1993 ActM9;

• “qualifying occupational pension scheme" has the meaning given by section 40(3) of the 1999 Act;

• “qualifying scheme" has the meaning given by section 101P(1) of the 1993 Act;

• [F8“the reference banks” means the seven largest persons for the time being who—

  (a)

  have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

  (b)

  are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits; and

  (c)

  quote a base rate in sterling;

  and for the purpose of this definition the size of a person at any time is to be determined by reference to the gross assets denominated in sterling of that person, together with any subsidiary (as defined in section 736 of the Companies Act 1985), as shown in the audited end of year accounts last published before that time.]

• “Regulatory Authority" means the [F9Pensions Regulator];

• “relevant pension" means a pension to which section 40(2) of the 1999 Act applies;

• F10...

• F11...

• “scheme" has the meaning given by section 101B of the 1993 ActM10;

• F12...

• “transfer credits" means rights allowed to a person under the rules of an occupational or personal pension scheme by reference to a transfer to that scheme of his accrued rights from another scheme (including any transfer credits allowed by that scheme);

• “transfer notice" has the meaning given by section 101F(7) of the 1993 Act;

• [F13“the Transfer Values Regulations” means the Occupational Pension Schemes (Transfer Values) Regulations 1996;]

• “trustees or managers" has the meaning given by section 46(1) of the 1999 Act;

• “valuation date" has the meaning given by section 101J(7) of [F14the 1993 Act;]

• [F15“valuation day” has the meaning given in section 29(7) of the 1999 Act.]

[F16(3) The definition of “the reference banks” in paragraph (2) must be read with—

(a)section 22 of the Financial Services and Markets Act 2000;

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.]