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Pensions Act 2004
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Changes over time for: Section 185
Version Superseded: 01/10/2018
Alternative versions:
- 12/07/2005- Amendment
- 01/09/2005- Amendment
- 05/09/2018- Amendment
- 05/09/2018
Point in time - 01/10/2018- Amendment
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Point in time view as at 05/09/2018. This version of this provision has been superseded.
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Pensions Act 2004, Section 185 is up to date with all changes known to be in force on or before 16 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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185Fraud compensation paymentsE+W+S
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Nodiadau Esboniadol
(1)Where the Board determines to make one or more fraud compensation payments, it must make the payment or payments to the trustees or managers of the scheme in accordance with this section.
(2)A fraud compensation payment may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board considers appropriate.
(3)The amount of the payment (or, if there is more than one, the aggregate) must not exceed the difference between—
(a)the amount of the reduction (or, if more than one, the aggregate amount of the reductions) within section 182(1)(b), and
(b)the amount of any recoveries of value obtained before the settlement date (within the meaning of section 184(2)).
(4)Subject to subsection (3), the Board—
(a)must determine the amount of any fraud compensation payment in accordance with regulations made for the purposes of this subsection, and
(b)must take account of any interim payment already made under section 186.
(5)The Board must give written notice of its determination under subsection (4) to—
(a)the Regulator,
(b)the trustees or managers of the scheme,
(c)if the trustees or managers did not make the application under section 182 (fraud compensation payments), the person who made that application, and
(d)any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.
Modifications etc. (not altering text)
C1Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1
C2Ss. 182-187: power to modify conferred (5.9.2018 for specified purposes, 1.10.2018 so far as not already in force) by Pension Schemes Act 2017 (c. 17), ss. 36(1), 44(2); S.I. 2018/965, reg. 2
Commencement Information
I1S. 185 in force at 12.7.2005 for specified purposes by S.I. 2005/1720, art. 2(3)(a)
I2S. 185 in force at 1.9.2005 in so far as not already in force by S.I. 2005/1720, art. 2(3)(a)
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