Pension Schemes Act 2015
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Change 1
75 Meaning of “cash balance benefit”
(1) In this Part “cash balance benefit”, in relation to a member of a pension scheme or a survivor of a member, means a benefit calculated by reference to an amount available for the provision of benefits to or in respect of the member (“the available amount”) where there is a promise about that amount. (2) But a benefit is not a “cash balance benefit” if, under the scheme— (a) a pension may be provided from the available amount to or in respect of the member, and (b) there is a promise about the rate of that pension. (3) The promise mentioned in subsection (1) includes, in particular, a promise about the change in the value of, or the return from, payments made by the member or any other person in respect of the member. (4) The promise mentioned in subsection (2)(b) includes a promise that— (a) the available amount will be sufficient to provide a pension of a particular rate; (b) the rate of a pension will represent a particular proportion of the available amount. (5) A benefit is not excluded from the definition of “cash balance benefit” by subsection (2) merely because under the scheme there is a promise that— (a) the rate or amount of the benefit payable in respect of a deceased member will be a particular proportion of the rate or amount of the benefit which was (or would have been) payable to the member, or (b) the amount of a lump sum payable to a member, or in respect of a deceased member, will represent a particular proportion of the available amount.
75 Meaning of “cash balance benefit”
(1) In this Part “cash balance benefit”, in relation to a member of a pension scheme or a survivor of a member, means a benefit calculated by reference to an amount available for the provision of benefits to or in respect of the member (“the available amount”) where there is a promise about that amount. (2) But a benefit is not a “cash balance benefit” if, under the scheme— (a) a pension may be provided from the available amount to or in respect of the member, and (b) there is a promise about the rate of that pension. (3) The promise mentioned in subsection (1) includes, in particular, a promise about the change in the value of, or the return from, payments made by the member or any other person in respect of the member. (4) The promise mentioned in subsection (2)(b) includes a promise that— (a) the available amount will be sufficient to provide a pension of a particular rate; (b) the rate of a pension will represent a particular proportion of the available amount. (5) A benefit is not excluded from the definition of “cash balance benefit” by subsection (2) merely because under the scheme there is a promise that— (a) the rate or amount of the benefit payable in respect of a deceased member will be a particular proportion of the rate or amount of the benefit which was (or would have been) payable to the member, or (b) the amount of a lump sum payable to a member, or in respect of a deceased member, will represent a particular proportion of the available amount.
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