Paragraph 11

the following definition shall be inserted before the definition of “guaranteed minimum pension”—

• ““average salary benefits” means benefits the rate or amount of which is calculated by reference to a member’s average salary over the period of service on which the benefits are based;”;

the following definitions shall be inserted after the definition of “long-term benefit”—

• ““minimum payments” shall be construed in accordance with section 30 above;

• “money purchase benefits” in relation to an occupational pension scheme, means benefits the rate or amount of which is calculated by reference to a payment or payments made by a member of the scheme or by any other person in respect of a member, other than average salary benefits;

• “money purchase contracted-out scheme” means an occupational pension scheme which is contracted-out by virtue of satisfying section 32(2A) above;”;

the following definition shall be inserted after the definition of “the principal Act”—

• ““protected rights” has the meaning given by Schedule 1 to the Social Security Act 1986 with the substitution made by section 32(2B) above.”.