There are currently no known outstanding effects for the The Pension Protection Fund (Tax) Regulations 2006, Section 10.
10.—(1) This regulation applies if—
(a)either condition A or B is met, and
(b)condition C is met.
(2) Condition A is that the Board of the Pension Protection Fund is responsible for securing that compensation is (and has been) paid to an individual in accordance with the pension compensation provisions.
(3) Condition B is that the Board of the Pension Protection Fund is required to secure the discharge of liabilities to an individual in respect of benefits transferred to the Board under—
(a)Chapter 3 of Part 2 of the Pensions Act (pension protection), or
(b)Chapter 3 of Part 3 of the Pensions Order (pension protection).
(4) Condition C is that the Board of the Pension Protection Fund provides for the securing of—
(a)the payment of compensation in the circumstances specified in condition A, or
(b)the discharge of liabilities in the circumstances specified in condition B,
by the entry into an annuity contract or a number of such contracts.
(5) For the purposes of Part 4, payment of an annuity under an annuity contract mentioned in paragraph (4) is treated as payment of a scheme pension.
(6) If this regulation applies, so much of Pension rule 4 in section 165(1) of FA 2004 (pension rules) as provides that a scheme pension may only be paid if the member had an opportunity to select a lifetime annuity instead is treated as omitted.
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