Article 186 Pension schemes: supplementaryI1

United Kingdom

(1)

Schedule 4 has effect for the purposes of the exercise by trustees or managers of their powers under articles 184 and 185, including provision about the calculation and verification of the value at any time of rights and liabilities.

(2)

A pension scheme means an occupational pension scheme or a personal pension scheme; and those expressions have the same meaning as in the Pension Schemes Act 1993 or, in relation to Northern Ireland, the Pension Schemes (Northern Ireland) Act 1993.

(3)

In relation to an occupational pension scheme or a personal pension scheme, the trustees or managers means—

(a)

in the case of a scheme established under a trust, the trustees,

(b)

in any other case, the managers.

(4)

References to a pension scheme include—

(a)

a retirement annuity contract (within the meaning of Part 3 of the Welfare Reform and Pensions Act 1999^f1 or, in relation to Northern Ireland, Part 4 of the Welfare Reform and Pensions (Northern Ireland) Order 1999^f2),

(b)

an annuity or insurance policy purchased, or transferred, for the purpose of giving effect to rights under an occupational pension scheme or a personal scheme,

(c)

an annuity purchased, or entered into, for the purpose of discharging any liability in respect of a pension credit under section 29(1)(b) of the Welfare Reform and Pensions Act 1999 or, in relation to Northern Ireland, Article 26(1)(b) of the Welfare Reform and Pensions (Northern Ireland) Order 1999.

(5)

References to the trustees or managers—

(a)

in relation to a retirement annuity contract or other annuity, are to the provider of the annuity,

(b)

in relation to an insurance policy, are to the insurer.

(6)

Paragraphs (2) to (5) have effect for the purposes of this group of articles (that is, articles 184, 185 and this article).

Article 186 Pension schemes: supplementaryI1

Annotations

Commencement

Footnotes