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Pension Schemes Act 2015
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59Restriction on payment of lump sums during PPF assessment period: Great BritainE+W+S
This section has no associated Explanatory Notes
(1)Section 138 of the Pensions Act 2004 (payment of scheme benefits during assessment period) is amended as follows.
(2)In subsection (1), after “Subsections (2)” insert “ , (2A) ”.
(3)After subsection (2) insert—
“(2A)Benefits in the form of a lump sum may be paid to or in respect of a member under the scheme rules during the assessment period only in the circumstances in which, and to the extent to which, lump sum compensation would be payable to or in respect of the member in accordance with this Chapter if—
(a)the Board assumed responsibility for the scheme in accordance with this Chapter, and
(b)the assessment date referred to in Schedule 7 were the date on which the assessment period began.”
(4)In subsection (3), omit “But”.
(5)In subsection (5), for “subsection (2)” substitute “ subsections (2) and (2A) ”.
(6)In subsection (6), for “subsection (3)” substitute “ subsections (2A) and (3) ”.
(7)In subsection (7), after “Subsections (2),” insert “ (2A), ”.
(8)In subsection (8), after “subsections (2)” insert “ , (2A) ”.
(9)In subsection (9), for “subsections (2) and (3)” substitute “ subsections (2) to (3) ”.
(10)After subsection (9) insert—
“(9A)Regulations may make provision as to circumstances in which benefits in the form of a lump sum are to be treated for the purposes of subsection (2A) as being paid in the circumstances in which lump sum compensation would be payable in accordance with this Chapter.
(9B)Regulations may create exceptions to subsection (2A).”
(11)In subsection (12), for “subsection (2)” substitute “ subsections (2) and (2A) ”.
(12)In subsection (13), after “subsection (2)” insert “ , (2A) ”.
Commencement Information
I1S. 59 wholly in force; s. 59 in force at Royal Assent for specified purposes; s. 59 in force in so far as not already in force at 6.4.2015 see s. 89(1)(b)(3)(b)
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