Captured statutory text (L5)
6
In this Schedule—
(a)references to deferred members are to be treated as including pension credit members;
(b)the following definitions apply—
“accrued value” means an accrued pot value, an accrued fund value, or an annualised accrued value;
“accrued fund value” means the current value of a member’s accrued rights, expressed as a single amount;
“accrued pot value” means the current value of a member’s pension benefits, expressed as a single amount;
“annualised accrued value” means the current value of a member’s pension benefits, expressed as an annual income;
“annualised projected value” means an estimate of the value of a member’s pension benefits expressed as an annual income at their retirement date;
“cash balance benefit” has the meaning given by section 75 of the Pension Schemes Act 2015;
“cash balance scheme” means a scheme which provides cash balance benefits, whether or not the scheme also provides other benefits;
“lump sum benefit” means a benefit designed to provide a capital value, rather than an income or an amount commuted into a lump sum;
“pension illustration” means an illustration referred to in paragraph 6(1) of Schedule 6 to the 2013 Regulations;
“projected fund value” means an estimate of the value of a member’s accrued rights at their retirement date, expressed as a single amount;
“projected pot value” means an estimate of the value of a member’s pension benefits at their retirement date, expressed as a single amount;
“projected value” means a projected pot value, a projected fund value, or an annualised projected value;
“relevant guidance” has the meaning given by regulation 2(1) of the 2013 Regulations.
Full captured verbatim text
In this Schedule— (a) references to deferred members are to be treated as including pension credit members; (b) the following definitions apply— “accrued value” means an accrued pot value, an accrued fund value, or an annualised accrued value; “accrued fund value” means the current value of a member’s accrued rights, expressed as a single amount; “accrued pot value” means the current value of a member’s pension benefits, expressed as a single amount; “annualised accrued value” means the current value of a member’s pension benefits, expressed as an annual income; “annualised projected value” means an estimate of the value of a member’s pension benefits expressed as an annual income at their retirement date; “cash balance benefit” has the meaning given by section 75 of the Pension Schemes Act 2015; “cash balance scheme” means a scheme which provides cash balance benefits, whether or not the scheme also provides other benefits; “lump sum benefit” means a benefit designed to provide a capital value, rather than an income or an amount commuted into a lump sum; “pension illustration” means an illustration referred to in paragraph 6(1) of Schedule 6 to the 2013 Regulations; “projected fund value” means an estimate of the value of a member’s accrued rights at their retirement date, expressed as a single amount; “projected pot value” means an estimate of the value of a member’s pension benefits at their retirement date, expressed as a single amount; “projected value” means a projected pot value, a projected fund value, or an annualised projected value; “relevant guidance” has the meaning given by regulation 2(1) of the 2013 Regulations.