428. Reference schemes.

The provisions discussed in this paragraph have been repealed but continue to have effect in limited circumstances1.

A reference scheme is an occupational pension scheme2 which complies with the following provisions3 and complies with any prescribed4 requirements5. In relation to earners6 employed7 in employed earner's employment8, a reference scheme is one which provides:

  1.  

    (1)     for them to be entitled to a pension under the scheme commencing at a normal pension age9 of 65 and continuing for life10; and

  2.  

    (2)     for the annual rate of the pension at that age to be one eightieth of average qualifying earnings11 in the last