The Pensions (Northern Ireland) Order 2005

[F1 22A.— (1) This paragraph applies where— N.I.

(a) the assessment date falls on or after 1st January 2024, and

(b) there is a person (“P”) who, at the beginning of the assessment period in question, is or may become entitled to payment of compensation in accordance with paragraph 3, 5, 7, 8, 10, 11, 14, 15, 19, 20 or 22 in respect of the scheme.

(2) Sub-paragraph (3) applies where, but for that sub-paragraph, the value as at the beginning of the assessment period of P’s compensation would be less than 50% of the benefits value.

(3) Where this sub-paragraph applies, the amounts of P’s compensation are to be adjusted in accordance with guidance issued by the Board so as to secure that the value as at the beginning of the assessment period of that compensation is increased to an amount equal to 50% of the benefits value.

(4) In this paragraph—

“P’s compensation” means the compensation which is or may become payable to or in respect of P in accordance with the relevant compensation provisions in respect of the scheme;

“the benefits value” means the value of the benefits which have accrued to or in respect of P under the admissible rules of the scheme immediately before the assessment date;

“the relevant compensation provisions” means any of paragraphs 3 to 20, 22 and 23.

(5) The following are to be determined in accordance with guidance issued by the Board—

(a) the value of P’s compensation;

(b) the benefits value.

(6) In this paragraph—

(a) a reference to benefits which have accrued to or in respect of a person under the admissible rules of the scheme does not include a reference to such of those benefits as are attributable (directly or indirectly) to a pension credit;

(b) a reference to compensation which is or may become payable to or in respect of a person in accordance with a provision of this Schedule does not include a reference to so much of that compensation as is attributable (directly or indirectly) to a pension credit.]

F1 Sch. 6 para. 22A and cross-heading inserted (31.12.2023) by The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 3(13)