SCHEDULES

SCHEDULE 4PENSION COMPENSATION PAYABLE ON DISCHARGE OF PENSION COMPENSATION CREDIT

PART 1INTRODUCTORY

Introductory

1

This Schedule applies for the purposes of determining the compensation payable to or in respect of a person entitled to compensation on the discharge of a pension compensation credit in accordance with this Chapter.

Interpretation

2

In this Schedule—

  • “the initial annual rate of compensation” is the amount determined by the Board under section 94(4);

  • the “pension compensation age” of the transferee is the age determined in accordance with paragraph 3.

Pension compensation age

3

1

This paragraph applies for the purpose of determining the transferee's pension compensation age.

2

Sub-paragraphs (3) and (4) apply where the transferor's PPF compensation, or any of it, is determined under Schedule 6 to the 2005 Order.

3

Where the transferor's right to PPF compensation arises by virtue of his or her status as a member of a pension scheme for which the Board assumed responsibility in accordance with Chapter 3 of Part 3 of that Order, the transferee's pension compensation age is the same as—

a

the normal pension age of the transferor, or

b

where the transferor was a pension credit member, the normal benefit age of the transferor.

4

Where the transferor's right to PPF compensation arises by virtue of his or her status as a person connected with a member of a scheme for which the Board assumed responsibility in accordance with Chapter 3 of Part 3 of that Order, the transferee's pension compensation age is the same as—

a

the normal pension age of that member, or

b

where that member was a pension credit member, the normal benefit age of that member.

5

Sub-paragraph (6) applies where the transferor's PPF compensation is determined only under this Schedule.

6

The transferee's pension compensation age is the same as the pension compensation age of the transferor.

7

In this paragraph, “normal benefit age”, “normal pension age” and “pension credit member” have the same meanings as in Schedule 6 to the 2005 Order.