Welfare Reform and Pensions Act 1999

16 (1) In section 79(1) of the Pensions Act 1995 (annual reports of Pensions Compensation Board)—

(a) for “the first twelve months of their existence, and a report for each succeeding period of twelve months,” substitute “each financial year of the Board”; and

(b) at the end insert—

• “Sub-paragraph (4) of paragraph 17 of Schedule 2 (meaning of “financial year”) applies for the purposes of this subsection as for those of that paragraph.”

(2) The amendments made by sub-paragraph (1) have effect in relation to the financial year beginning on the first 6th April falling after that sub-paragraph comes into force and to each subsequent financial year; and the period which begins with the last 1st August before, and ends with the 5th April immediately preceding, that 6th April shall be taken to be the last period in respect of which the Board are required to prepare a report under section 79(1) as originally enacted.