314Further definitionsU.K.
(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.
Commencement Information
I1S. 314 in force at Royal Assent, see s. 334(2)(o)