Financial Measures (Miscellaneous Provisions) Act 2009
PART 3 Transfer of Assets of Certain Pension Funds to National Pensions Reserve Fund | ||
Interpretation (Part 3). |
3.— (1) In this Part: | |
“Act of 1990” means the Pensions Act 1990 ; | ||
“Act of 2000” means the National Pensions Reserve Fund Act 2000 ; | ||
“ additional voluntary contributions” has the same meaning as in the Act of 1990; | ||
“ assets” shall be construed in accordance with subsection (2); | ||
“ benefits” includes pensions, gratuities and any other allowances payable under a relevant pension scheme; | ||
“ the Commission” means the National Pensions Reserve Fund Commission; | ||
“ covered other pension fund” means a pension fund referred to in column A of Part 2 of Schedule 1 ; | ||
“ covered pension fund” means a covered other pension fund or a covered university pension fund; | ||
“ covered university pension fund” means a pension fund referred to in column A of Part 1 of Schedule 1 ; | ||
“ relevant body” , in relation to a covered pension fund and the relevant pension scheme for the fund, means the body specified for the relevant covered pension fund in column B of the relevant item in Schedule 1 ; | ||
“ relevant Minister” means— | ||
(a) in relation to a covered university pension fund and its relevant pension scheme, the Minister for Education and Science, or | ||
(b) in relation to a covered other pension fund and its relevant pension scheme, the Minister specified for the fund in column C of the relevant item in Part 2 of Schedule 1 ; | ||
“relevant pension scheme”, in relation to a covered pension fund, has the meaning given by section 4 ; | ||
“Reserve Fund” means the National Pensions Reserve Fund established by the Act of 2000; | ||
“transfer order” means an order made under section 5 (1); | ||
“ university pension scheme” means the relevant pension scheme in relation to a covered university pension fund. | ||
(2) A reference in this Part to the assets of a fund is a reference to— | ||
(a) in the case of a fund that is established as a trust, the assets subject to the trust, and | ||
(b) in the case of a covered pension fund that is not established as a trust, the assets held by the relevant body concerned for the purposes of the fund, | ||
but does not include any assets identified by the fund as being held for the purposes of a defined contribution scheme (within the meaning of the Act of 1990) financed by additional voluntary contributions. |