[F121(1)This paragraph applies to a person who—E+W+S
(a)is a pension credit member of the scheme immediately before the assessment date, but
(b)has not attained normal benefit age before that date.
(2)But it applies only to the extent that the member's pension credit rights do not involve the member being credited by the scheme with notional pensionable service.
(3)Paragraphs 15, 18 and 19 apply to the pension credit member as they apply to a deferred member who has not attained normal pension age before the assessment date, subject to the following modifications.
(4)In paragraph 15—
(a)in sub-paragraphs (1) and (2) the references to normal pension age are to be read as references to normal benefit age,
(b)in sub-paragraph (4) for the words from “the aggregate of” to the end substitute “ the accrued amount ”, and
(c)for sub-paragraph (5) substitute—
“(5)In sub-paragraph (4) “the accrued amount” means an amount equal to the initial annual rate of the pension to which the deferred member would have been entitled in accordance with the admissible rules had the member attained normal benefit age on the transfer day.”
(5)In paragraph 18—
(a)for sub-paragraph (1)(b) substitute—
“(b)the pension was attributable (directly or indirectly) to a pension credit to which the deferred member became entitled under section 29(1)(b) of the Welfare Reform and Pensions Act 1999.”, and
(b)in sub-paragraph (3) the references to normal pension age are to be read as references to normal benefit age.
(6)In paragraph 19—
(a)in sub-paragraphs (1) and (2) the references to normal pension age are to be read as references to normal benefit age,
(b)in sub-paragraph (4) for the words from “the aggregate of” to the end substitute “ the accrued amount ”,
(c)for sub-paragraph (5) substitute—
“(5)In sub-paragraph (4) “the accrued amount” means an amount equal to the amount of the scheme lump sum to which the deferred member would have been entitled in accordance with the admissible rules had the member attained normal benefit age on the transfer day.”, and
(d)omit sub-paragraph (6).
(7)In this paragraph “transfer day” has the meaning given by section 29 of the Welfare Reform and Pensions Act 1999 (creation of pension debits and credits).]
Textual Amendments
F1 Sch. 7 paras. 21, 21A substituted for Sch. 7 para. 21 (3.1.2012) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 19(2); S.I. 2011/3034, art. 3(i)(iv)
Modifications etc. (not altering text)
C1Sch. 7 modified (6.4.2005) by The Pension Protection Fund (Reviewable Ill Health Pensions) Regulations 2005 (S.I. 2005/652), regs. 1(1), 15
C2Sch. 7 applied (with modifications) (6.4.2005) by The Pension Protection Fund (Reviewable Ill Health Pensions) Regulations 2005 (S.I. 2005/652), regs. 1(1), 14(2)
C3Sch. 7 modified (6.4.2005) by The Pension Protection Fund (Compensation) Regulations 2005 (S.I. 2005/670), regs. 1(1), 12 (with reg. 23(3))
C4Sch. 7 applied (with modifications) (6.4.2005) by The Pension Protection Fund (Hybrid Schemes) (Modification) Regulations 2005 (S.I. 2005/449), regs. 1(1), 3(2)-(4)
C5Sch. 7 applied (with modifications) (6.4.2005) by The Pension Protection Fund (Reviewable Ill Health Pensions) Regulations 2005 (S.I. 2005/652), regs. 1(1), 13(1)
Commencement Information
I1Sch. 7 para. 21 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7