Part 14Civil nuclear sector
Chapter 3Relevant nuclear pension schemes
I1314Further definitions
1
This section applies for the purposes of this Chapter.
2
References to the amendment of a relevant nuclear pension scheme include references to the amendment of any one or more of the following—
a
the trust deed of the scheme, if there is one;
b
rules of the scheme;
c
any other instrument relating to the constitution, management or operation of the scheme.
3
References to a relevant nuclear pension scheme include references to any section into which the scheme is divided.
4
A “career average revalued earnings structure” is a structure where—
a
the pension payable to or in respect of a person, so far as it is based on the person’s pensionable service, is determined by reference to the person’s pensionable earnings in each year of pensionable service, and
b
those earnings, or a proportion of those earnings accrued as a pension, are under the structure revalued each year until the person leaves pensionable service.
5
“Consumer prices index” means—
a
the general index of consumer prices (for all items) published by the Statistics Board, or
b
where that index is not published for a month, any substituted index or figures published by the Board.
6
“Defined benefits” are benefits—
a
that are not money purchase benefits (within the meaning of the Pension Schemes Act 1993), and
b
that are not provided under an injury or compensation scheme (within the meaning of the Public Service Pensions Act 2013).
7
A “final salary structure” is a structure where entitlement to the pension payable to or in respect of a person which is based on the pensionable service of that person is or may be determined to any extent by reference to the person’s final salary; and “final salary” here means the person’s pensionable earnings, or highest, average or representative pensionable earnings, in a specified period ending at, or defined by reference to, the time when the person’s pensionable service in relation to the structure terminates.
8
“Retail prices index” means—
a
the general index of retail prices (for all items) published by the Statistics Board, or
b
where that index is not published for a month, any substituted index or figures published by the Board.