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The Pensions (Northern Ireland) Order 2005
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- Northern Ireland Orders in Council
- 2005 No. 255 (N.I. 1)
- PART VI
- Pension compensation
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Pension compensation
Amendments relating to the Pensions Compensation Board
254.—(1) The 1995 Order is amended as follows.
(2) In Article 78 (review of decisions of the Pensions Compensation Board) after paragraph (2) insert—
“(2A) The Compensation Board may also review such a determination without an application being made.”.
(3) In Article 79 (cases where compensation provisions apply), omit paragraphs (1)(d), (2A) and (7).
(4) In Article 81 (amount of compensation) for paragraphs (3) and (4) substitute—
“(3) The amount of the payment, or (if there is more than one) the aggregate, must not exceed the aggregate of—
(a)the amount (if any) by which the shortfall at the application date exceeds the recoveries of value made between the application date and the settlement date, and
(b)interest at the prescribed rate for the prescribed period on the amount of that excess (if any).”.
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