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Change 1
As published
152 Meaning of “arrangement”
(1) In this Part “arrangement”, in relation to a member of a pension scheme, means an arrangement relating to the member under the pension scheme.
(2) For the purposes of this Part an arrangement is a “money purchase arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are cash balance benefits , collective money purchase benefits or other money purchase benefits.
(3) For the purposes of this Part a money purchase arrangement is a “cash balance arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are cash balance benefits.
(3A) For the purposes of this Part a money purchase arrangement is a “collective money purchase arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are collective money purchase benefits.
(4) In this Part “money purchase benefits”, in relation to a member of a pension scheme, means benefits the rate or amount of which is calculated by reference to an amount available for the provision of benefits to or in respect of the member (whether the amount so available is calculated by reference to payments made under the pension scheme by the member or any other person in respect of the member or any other factor).
(4A) The reference in subsection (4) to an amount available for the provision of benefits to or in respect of the member includes, in relation to a collective money purchase arrangement, an amount available for the provision of benefits to or in respect of members collectively.
(5) In this Part “cash balance benefits” means benefits
(a) the rate or amount of which is calculated by reference to an amount available for the provision of benefits to or in respect of the member calculated otherwise than wholly by reference to payments made under the arrangement by the member or by any other person in respect of the member (or transfers or other credits) , and
(b) that are not collective money purchase benefits.
(5A) In this Part “collective money purchase benefits” means benefits that are
(a) collective money purchase benefits within the meaning of Part 1 or 2 of the Pension Schemes Act 2021 , or
(b) payments of CMP periodic income.
(6) For the purposes of this Part an arrangement is a “defined benefits arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are defined benefits.
(7) In this Part “defined benefits”, in relation to a member of a pension scheme, means benefits which are not money purchase benefits (but which are calculated by reference to earnings or service of the member or any other factor other than an amount available for their provision).
(8) For the purposes of this Part an arrangement is a “hybrid arrangement” at any time if, at that time, all of the benefits that may be provided to or in respect of the member under the arrangement are, depending on the circumstances, to be of one of any two, three or four of the varieties specified in subsection (10).
(9) Where not all of the benefits that may be provided under an arrangement to or in respect of the member are of the same one of the varieties of benefits specified in subsection (10), the arrangement is to be treated for the purposes of this Part as being two, three or four separate arrangements one of which relates to each of the two, three or four varieties of benefits that may be so provided.
(10) The varieties of benefits mentioned in subsections (8) and (9) are—
(a) cash balance benefits,
(b) collective money purchase benefits,
(c) money purchase benefits that are neither cash balance benefits nor collective money purchase benefits, and
(d) defined benefits.
Your change, as a redline
152 Meaning of “arrangement”
(1) In this Part “arrangement”, in relation to a member of a pension scheme, means an arrangement relating to the member under the pension scheme.
(2) For the purposes of this Part an arrangement is a “money purchase arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are cash balance benefits , collective money purchase benefits or other money purchase benefits.
(3) For the purposes of this Part a money purchase arrangement is a “cash balance arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are cash balance benefits.
(3A) For the purposes of this Part a money purchase arrangement is a “collective money purchase arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are collective money purchase benefits.
(4) In this Part “money purchase benefits”, in relation to a member of a pension scheme, means benefits the rate or amount of which is calculated by reference to an amount available for the provision of benefits to or in respect of the member (whether the amount so available is calculated by reference to payments made under the pension scheme by the member or any other person in respect of the member or any other factor).
(4A) The reference in subsection (4) to an amount available for the provision of benefits to or in respect of the member includes, in relation to a collective money purchase arrangement, an amount available for the provision of benefits to or in respect of members collectively.
(5) In this Part “cash balance benefits” means benefits
(a) the rate or amount of which is calculated by reference to an amount available for the provision of benefits to or in respect of the member calculated otherwise than wholly by reference to payments made under the arrangement by the member or by any other person in respect of the member (or transfers or other credits) , and
(b) that are not collective money purchase benefits.
(5A) In this Part “collective money purchase benefits” means benefits that are
(a) collective money purchase benefits within the meaning of Part 1 or 2 of the Pension Schemes Act 2021 , or
(b) payments of CMP periodic income.
(6) For the purposes of this Part an arrangement is a “defined benefits arrangement” at any time if, at that time, all the benefits that may be provided to or in respect of the member under the arrangement are defined benefits.
(7) In this Part “defined benefits”, in relation to a member of a pension scheme, means benefits which are not money purchase benefits (but which are calculated by reference to earnings or service of the member or any other factor other than an amount available for their provision).
(8) For the purposes of this Part an arrangement is a “hybrid arrangement” at any time if, at that time, all of the benefits that may be provided to or in respect of the member under the arrangement are, depending on the circumstances, to be of one of any two, three or four of the varieties specified in subsection (10).
(9) Where not all of the benefits that may be provided under an arrangement to or in respect of the member are of the same one of the varieties of benefits specified in subsection (10), the arrangement is to be treated for the purposes of this Part as being two, three or four separate arrangements one of which relates to each of the two, three or four varieties of benefits that may be so provided.
(10) The varieties of benefits mentioned in subsections (8) and (9) are—
(a) cash balance benefits,
(b) collective money purchase benefits,
(c) money purchase benefits that are neither cash balance benefits nor collective money purchase benefits, and
(d) defined benefits.
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