Regulation 4 Amendment of 1995 Regulations

In regulation 2(3) there shall be inserted in the appropriate places in alphabetical order the following definitions:–

• “the AVC Scheme” means the occupational pension scheme (within the meaning of section 1 of the Pension Schemes Act 1993^f1) established under section 9 of the Superannuation Act 1972 and these Regulations;

• “pension credit” means a credit under section 29(1)(b) of the 1999 Act or under corresponding Northern Ireland legislation;

• “pension credit benefits” means in relation to the AVC Scheme the benefits payable under that Scheme which are attributable (directly or indirectly) to a pension credit;

• “pension credit member” means a person who has rights under the AVC Scheme which are attributable (directly or indirectly) to a pension credit either solely or wholly separately from any other rights under the AVC Scheme;

• “pension debit” means a debit under section 29(1)(a) of the 1999 Act or under corresponding Northern Ireland legislation;

• “pension debit member” means a person who has rights under the AVC Scheme and whose shareable rights under that Scheme are subject to a pension debit;

• “pension sharing order” means a pension sharing order or other provision referred to in section 28(1) of the 1999 Act or article 25(1) of the Welfare Reform and Pensions (Northern Ireland) Order 1999^f2;

• “shareable rights” means any rights a person has under the AVC Scheme except those rights referred to in regulation 2 of the Pension Sharing (Valuation) Regulations 2000^f3.