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(1)     In section 181 of the Pension Schemes Act 1993 (interpretation), in the definition of “money purchase benefits” in subsection (1), for “which are not average salary benefits” substitute “which fall within section 181B”.

(2)     After section 181A of that Act insert—

“181B Money purchase benefits: supplementary

(1)     This section applies for the purposes of the definition of “money purchase benefits” in section 181(1).

(2)     A benefit other than a pension in payment falls within this section if its rate or amount is calculated solely by reference to assets which (because of the nature of the calculation) must necessarily suffice for the purposes of its provision to or in respect of the member.

(3)     A benefit which is a pension in payment falls within this section if—