1985 c. 37; section 8 is amended for the purposes of pension compensation on divorce etc. by paragraphs 1 and 2 of Schedule 7 to the Pensions Act 2008 (c. 30)

Reg. 4 in operation at 6.4.2011, see reg. 1(1)

http://www.legislation.gov.uk/nisr/2011/113/regulation/4The Pension Protection Fund (Pension Compensation Sharing and Attachment on Divorce etc.) Regulations (Northern Ireland) 2011PensionsCivil partnershipDissolution of civil partnershipsEmployment terms and conditionsInformation managementenPENSIONSStatute Law Database2023-08-14Expert Participation2020-01-13These Regulations implement the provisions of Chapter 1 and (in part) Chapter 2 of Part 3 of the Pensions (No. 2) Act (Northern Ireland) 2008 (“the Act”), which permit the courts to make pension compensation sharing orders and attachment orders in relation to Pension Protection Fund compensation in proceedings related to divorce, dissolution of a civil partnership, or in cases of annulment. Pension compensation sharing and attachment orders may be made in relation to the shareable rights to pension compensation of a Pension Protection Fund member (“member”) by the Board of the Pension Protection Fund (“the Board”) in accordance with Chapter 1 of Part 3 of the Act, Chapter 3 of Part III of the Pensions (Northern Ireland) Order 2005 (“the 2005 Order”) and, in Great Britain, any corresponding provision.PART 3Supply of information about pension compensation in relation to divorce etc.4Valuation of relevant compensation for the purposes of an application for financial relief or financial provision1

Where the Board is notified that—

a

an application for financial relief or financial provision under any of the provisions specified in section 96(1)(a) (supply of information about pension compensation in relation to divorce etc.) has been made or is in contemplation, or

b

a qualifying agreement containing provision corresponding to provision which may be made by an order under section 8 of the Family Law (Scotland) Act 1985 (orders for financial provision) is to be made or is in contemplation,

the value of the PPF compensation or relevant compensation to which the member is entitled or will become entitled must be calculated and verified for the purposes of section 96(1)(b), or of regulation 3(2), in accordance with paragraphs (2) and (3).

2

The value of the PPF compensation or relevant compensation is the cash equivalent of the amount that would be required to make provision for the member’s entitlement to PPF compensation or relevant compensation under the pension compensation provisions.

3

The cash equivalent of the PPF compensation or relevant compensation must be calculated and verified—

a

in accordance with actuarial assumptions approved by the Board, and

b

on the assumption that the date on which the valuation is carried out is the date that the Board received the request for the valuation.

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