A pension scheme in which risk is shared between the sponsoring employer and the member. Typically, members may receive fixed amounts for each year of service, calculated as a percentage of their pensionable salary. At retirement, they must convert the total cash fund to an annuity. In other words, the employee must bear the mortality risk. For the purposes of the pensions tax provisions in Part 4 of the Finance Act 2004, a money purchase arrangement is a "cash balance arrangement" if all the benefits that may be provided for a member are "cash balance benefits". Essentially, these are benefits calculated by reference to an amount available for the provision of benefits that is not calculated wholly by reference to payments made by the member (or another person in respect of the member) (section 152(3), (5), Finance Act 2004).