PART 6PRIVATE PENSIONS
Other
49Pension Protection Fund: compensation cap to apply separately to certain benefits
1
Paragraph 26 of Schedule 6 to the 2005 Order (Pension Protection Fund: compensation cap) is amended as follows.
2
In sub-paragraph (1)(b), for “sub-paragraph (2)(a) or (b)” substitute “
sub-paragraph (2)(a), (b) or (c)
”
.
3
In sub-paragraph (2)(a)(ii), for “paragraph (b)(i) does not apply” substitute “
neither of paragraphs (b) and (c) applies
”
.
4
In sub-paragraph (2)(b)—
a
before paragraph (i) insert—
zi
benefit A is attributable to the person's pensionable service,
b
in paragraph (i), after “one or more other benefits” insert “
that are attributable to his pensionable service
”
.
5
In sub-paragraph (2), after paragraph (b) insert
, and
c
this paragraph applies if—
i
benefit A is attributable to a pension credit from a transferor,
ii
at the same time as the person becomes entitled to relevant compensation in respect of benefit A he also becomes entitled to relevant compensation in respect of one or more other benefits that are—
iia
under the scheme or a connected occupational pension scheme, and
iib
attributable to a pension credit from the same transferor,(“benefit or benefits B”), and
iii
the aggregate of the annual values of benefit A and benefit or benefits B exceeds the compensation cap.
6
In sub-paragraph (5), after “sub-paragraph (2)(b)” insert “
or (c)
”
.
7
The amendments made by this section are to be treated as always having had effect.
8
Regulations under paragraph 26(9) of Schedule 6 to the 2005 Order (modifications for cases where compensation becomes payable on different occasions) made in consequence of this section may be made with retrospective effect.