SCHEDULES
SCHEDULE 4PENSION COMPENSATION PAYABLE ON DISCHARGE OF PENSION COMPENSATION CREDIT
PART 2TRANSFEREE ATTAINS PENSION COMPENSATION AGE BEFORE OR ON TRANSFER DAY
Compensation payable to transferee
4
1
Compensation is payable in accordance with this paragraph where the transferee attains pension compensation age before or on the transfer day.
2
The transferee is entitled to periodic compensation commencing on the transfer day and continuing for life.
3
The annual rate of the periodic compensation is the aggregate of—
a
the initial annual rate of compensation, F1...
F2aa
if the commencement of periodic compensation under this paragraph has been postponed for any period by virtue of paragraph 16A, the amount of the actuarial increase under that paragraph, and
b
any increases under paragraph 17 (annual increases in periodic compensation).
4
This paragraph is subject to F3paragraph 16A (postponement of compensation) and paragraph 18 (compensation cap).
Compensation payable to widow, widower or surviving civil partner
I15
1
This paragraph applies where—
a
the transferee dies after liability in respect of the pension compensation credit has been discharged under section 94,
b
the transferee was before death entitled under paragraph 4 to periodic compensation commencing on the transfer day, and
c
the transferee is survived by a widow, widower or surviving civil partner (“the surviving partner”).
2
Subject to sub-paragraph (4), the surviving partner is entitled to periodic compensation commencing on the day following the transferee's death and continuing for life.
3
The annual rate of the periodic compensation at any time is half of the annual rate of the periodic compensation (including F4any actuarial increase under paragraph 16A and any increases under paragraph 17) to which the transferee would at that time have been entitled under paragraph 4 had the transferee not died.
F53A
If, on the day the transferee (“T”) died, commencement of T's periodic compensation under paragraph 4 was postponed by virtue of paragraph 16A, assume for the purposes of sub-paragraph (3) that the periodic compensation commenced immediately before the date of T's death.
4
The surviving partner is not entitled to periodic compensation under this paragraph in such circumstances as may be prescribed.