Substisting rights meaning

In pensions practice, subsisting rights are the benefits a member already has under an occupational pension scheme at a given date—either built up for the future or currently being paid. The term is used in UK pensions legislation, notably the subsisting rights protections in section 67 of the Pensions Act 1995 (as amended) and in the “opt‑out” test in section 124(2). Subsisting rights include: - rights accrued under the scheme rules to future benefits (including pension credit rights granted to an ex‑spouse or civil partner on divorce or dissolution). A deferred pension—payable in the future—is a subsisting right, as the opt‑out test treats an active member as if they had become deferred; and - any present entitlement to payment of a pension or other scheme benefit. Pensions already in payment, including their future instalments, are subsisting rights. Practical significance: the scope of a member’s subsisting rights determines whether a proposed scheme modification, closure, or bulk transfer would reduce accrued benefits and so engage the section 67 restrictions and/or consent requirements. Jurisdiction: usage and effect are broadly consistent across England & Wales, Scotland and Northern Ireland (under corresponding NI legislation). In Ireland, the equivalent concepts are usually framed as accrued or preserved benefits...