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.