The Pension Sharing (Pension Credit Benefit) Regulations 2000

Extract

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The Pension Sharing (Pension Credit Benefit) Regulations 2000

Statutory Instruments

PENSIONS

Made

13 th April 2000

Laid before Parliament

19 th April 2000

Coming into force

1 st December 2000

The Secretary of State for Social Security, in exercise of the powers conferred upon him by sections 68 D, 101 C(2) , 101 D(1)(b) , (2)(b) and (4)(b) , 101 E(2) , 101 F(2)(b) , (c) , (3)(b) , and (6)(b) , 101 H(2)(a) and (b) , and (3) , 101 I, 101 J(2) , 101 L(1) , (2)(a) and (b) , and (3) , 101 P(2)(b) , 101 Q, 181(1)(1) and 182(2) and (3) of the Pension Schemes Act 1993(2) , sections 10(2)(b) , 124(1)(3) and 174(2) and (3) of the Pensions Act 1995(4) , and sections 40(1) and (3) and 83(4) and (6) of the Welfare Reform and Pensions Act 1999(5) and of all other powers enabling him in that behalf, after consulting such persons as he considered appropriate(6) , hereby makes the following Regulations:

PART IGENERAL

Citation, commencement and interpretation

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

“the Taxes Act” means the Income and Corporation Taxes Act 1988(7);

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

“appropriate scheme” shall be construed in accordance with section 9(5) of the 1993 Act;

“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;

“contracted-out rights” has the meaning given by section 68 A(5) of the 1993 Act(8);

“eligible member” has the meaning given by section 101 P(1) of the 1993 Act(9);

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

“incapacity” means physical or mental deterioration which is sufficiently serious to prevent a person from following his normal employment or which seriously impairs his earning capacity;

“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 Act(10)

“money purchase contracted-out scheme” has the meaning given by section 8(1)(a)(ii) of the 1993 Act;

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

“normal benefit age” has the meaning given by section 101 B of the 1993 Act(11);

“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 1996(12);

“overseas scheme” has the meaning given by regulation 1(2) of the Contracting-out (Transfer and Transfer Payment) Regulations 1996(13);

“pension credit benefit” has the meaning given by—

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

section 101 P of t...

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