Section 162: The pension compensation provisions
569.This section provides that Schedule 7 makes provisions for the compensation to be paid where the Board assumes responsibility for a scheme. This includes provision for:
periodic compensation to be paid to or in respect of members;
lump sum compensation to be paid to members;
a cap to be imposed on the periodic compensation and lump sum compensation;
annual increases to be made to periodic compensation.
570.Subsection (2) makes clear that references in Part 2 to the pension compensation provisions are to the provisions of this section, section 140 to 142, 161(2)(c) , 164 and 168 and Schedule 7.
