- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (24/02/2018)
- Gwreiddiol (a wnaed Fel)
Point in time view as at 24/02/2018.
There are currently no known outstanding effects for the The Pension Protection Fund (Compensation) Regulations 2005, Section 2C.
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2C.—(1) The conditions referred to in regulation 2A(1)(b) and (2)(b) are as follows.
(2) The first condition is that—
(a)where the person elects to postpone periodic compensation in respect of a benefit under the scheme, they must also elect to postpone the payment of any lump sum compensation to which they are entitled in respect of that scheme; or
(b)where the person elects to postpone lump sum compensation in respect of a benefit under the scheme, they must also elect to postpone the payment of any periodic compensation to which they are entitled in respect of that scheme.
[F2(3) The second condition is that the person must not have received or be receiving—
(a)their pension (including any lump sum entitlement) under the scheme;
(b)any periodic compensation in respect of their rights under the scheme; or
(c)any lump sum compensation in respect of their rights under the scheme.]
(4) The third condition is that for each election to postpone periodic compensation or lump sum compensation, the person has sent written notice to the Board—
(a)in accordance with paragraph (5);
(b)that the person wishes to postpone the commencement of periodic compensation or payment of lump sum compensation; and
(c)before the commencement of that periodic compensation or payment of lump sum compensation.
[F3(4A) The fourth condition is that where regulation 29 (variable-rate schemes which provide for a decrease in annual rate of pension: modification of Schedule 7 to the Act) applies to the scheme and the person elects to postpone any periodic compensation in respect of a pension which falls within regulation 28(1)(b), the person must—
(a)elect to postpone both the compensation in respect of the basic element and that in respect of the bridging element; and
(b)specify the same date in relation to both for the purposes of paragraph (5)(c).]
(5) The notice referred to in paragraph (4) must include—
(a)the person’s name, address, date of birth and national insurance number;
(b)the name of the scheme for which the Board has assumed responsibility; and
(c)the date on which the person would like the commencement of periodic compensation or payment of lump sum compensation to cease to be postponed, which must be a date before the person attains the age of 75.]
Textual Amendments
F1Pt. 2A inserted (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 3(4)
F2Reg. 2C(3) substituted (1.10.2013) by The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/1754), regs. 1, 2
F3Reg. 2C(4A) inserted (24.2.2018) by The Pension Protection Fund (Compensation) (Amendment) Regulations 2018 (S.I. 2018/95), regs. 1, 2(4)
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