Regulation 2 Requirements where the transferee’s pension scheme is not a money purchase schemeF3

In a case where these Regulations apply, and the transferee is the employer in relation to a pension scheme which is not a money purchase scheme, that scheme complies with section F1258(2)(c) of the Act (alternative standard for a scheme which is not a money purchase scheme) if it provides either—

In this regulation—

• “pensionable pay” means that part of the remuneration payable to a member of a scheme by reference to which the amount of contributions and benefits are determined under the rules of the scheme.

• F2“relevant contributions” means contributions—

  1. (a)

     made by the transferee in respect of each remuneration period in respect of which the employee contributes to the scheme; and

  2. (b)

     the amount of which is—

     1. (i)

        where the employee’s contributions are less than 6 per cent. of the employee’s remuneration, not less than the contributions made by the employee; or

     2. (ii)

        where the employee’s contributions equal or exceed 6 per cent. of the employee’s remuneration, not less than 6 per cent. of that remuneration.