Paragraph 1 Interpretation

In this Schedule–

• “accrued pension rights” means, in relation to a protected person, the pension rights, other than future pension rights, to which he is at the time in question entitled under the rules of the Fund or a relevant pension scheme, calculated–

  1. (i)

     if he is a protected employee or a protected beneficiary by virtue of paragraph 3(1)(a) below, by reference to the period of his pensionable service (whether actual or credited) as a member of the Fund or of one or more relevant pension schemes and to his earnings (however defined) at the time in question; or

  2. (ii)

     if he is a protected beneficiary by virtue of paragraph 3(1)(b) below, by reference to the accrued pension rights of the protected employee in respect of whom his pension rights arise and to any entitlement to pension increases accrued up to that time;

• “employer”, so far as relating to a protected beneficiary, means–

  1. (a)

     if the protected beneficiary is such by virtue of paragraph 3(1)(a) below, the person who was his employer immediately before he ceased to be a protected employee;

  2. (b)

     if the protected beneficiary is such by virtue of paragraph 3(1)(b) below, the person who immediately before the death of the person there mentioned was the employer of that person;

  or (in either case) means, if there is another employer within a group of companies to whom the protected beneficiary is treated as allocated for the purpose of valuing his accrued pension rights, that employer, and “employment” shall be construed accordingly;

• “Fund” means the Port of London Authority Pension Fund;

• “future pension rights”, in relation to a protected employee, means the right for him to accrue pension rights on a basis no worse than that on which he was immediately before the transfer date entitled to accrue pension rights under the rules of the Fund;

• “protected beneficiary” means a person to whom paragraph 3 below applies;

• “protected employee” means a person to whom paragraph 2 below applies;

• “protected person” means a person who is a protected beneficiary or a protected person;

• “relevant pension scheme” means a scheme to which paragraph 5 below applies.