In 1992, a new "MoneyMatch" plan allowed members to convert their final salary benefits and their contributions would be matched by the employer.
Lord Walker held that the Pension Schemes Act 1993 section 181 did not define money purchase benefits as ones calculated only by reference to payments made by the member.
It followed that the guaranteed interest fund did not disconnect a member's eventual benefits from contributions, and take it out of the definition under section 181.
Providing internal annuities, as opposed to buying them from a life office was compatible with the meaning of a money purchase scheme.
The reference in regulation 13(1)(ii) of the Occupational Pension Schemes (Winding Up) Regulations 1996 to “the assets by reference to which the rate or amount of those benefits is calculated” showed Parliament contemplated that money purchase benefits would normally be adequately funded but not over-funded, and money or assets to be withdrawn from the unappropriated fund for the purposes of section 73 of the 1995 Act should be of an amount or value equal to the money purchase benefits calculated by the guaranteed interest fund mechanism, less appropriate deductions for elements which under regulation 13(2)(a) are not “relevant money purchase benefits”, but take first priority under section 73 of the 1995 Act.