The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014
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Change 1
26 Indexation of cash balance benefits etc: pensions in payment before the appointed day
(1) Section 51 of the 1995 Act (annual increase in rate of pension) does not apply to a pension or part of a pension payable under an occupational pension scheme which meets the conditions specified in paragraph (2). (2) The conditions specified in this paragraph are that— (a) the pension or part of a pension— (i) is derived from any of the benefits specified in paragraph (3) which were attributable to a member’s pensionable service on or after 6th April 1997; and (ii) first came into payment on or after 6th April 2005 but before the appointed day; (b) the trustees or managers of the scheme before the appointed day treated those benefits as if they were money purchase benefits; and (c) the pension or part of a pension is not, under the scheme, required to be increased each year or is to be increased at a rate below that required by section 51 of the 1995 Act. (3) The benefits specified in this paragraph are— (a) cash balance benefits; (b) a defined benefit minimum (in relation to money purchase underpin benefits or cash balance underpin benefits); and (c) top-up benefits.
26 Indexation of cash balance benefits etc: pensions in payment before the appointed day
(1) Section 51 of the 1995 Act (annual increase in rate of pension) does not apply to a pension or part of a pension payable under an occupational pension scheme which meets the conditions specified in paragraph (2). (2) The conditions specified in this paragraph are that— (a) the pension or part of a pension— (i) is derived from any of the benefits specified in paragraph (3) which were attributable to a member’s pensionable service on or after 6th April 1997; and (ii) first came into payment on or after 6th April 2005 but before the appointed day; (b) the trustees or managers of the scheme before the appointed day treated those benefits as if they were money purchase benefits; and (c) the pension or part of a pension is not, under the scheme, required to be increased each year or is to be increased at a rate below that required by section 51 of the 1995 Act. (3) The benefits specified in this paragraph are— (a) cash balance benefits; (b) a defined benefit minimum (in relation to money purchase underpin benefits or cash balance underpin benefits); and (c) top-up benefits.
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