SCHEDULES
F1C1C2C5C3C6C4 SCHEDULE 6PENSION COMPENSATION PROVISIONS
Sch. 6 modified (1.8.2006) by Pension Protection Fund (Pension Sharing) Regulations (Northern Ireland) 2006 (S.R. 2006/282), reg. 3(2)
Sch. 6 modified by S.R. 2005/149, reg. 13A (as inserted (1.4.2009) by Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2009 (S.R. 2009/78), reg. 4)
Sch. 6 modified by S.R. 2005/149, reg. 024(02) (as added (6.4.2010) by The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2010 (S.R. 2010/80), regs. 1(b), 4(4))
Sch. 6 modified by S.R. 2005/149, reg. 23(2) (as substituted (24.7.2014) by The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/204), regs. 1(1), 59(4)(c))
Sch. 6 modified by S.R. 2005/149 reg. 27(2) (as added (24.2.2018) by The Pension Protection Fund (Compensation) (Amendment) Regulations (Northern Ireland) 2018 (S.R. 2018/26), regs. 1, 2(6))
Sch. 6 modified by S.R. 2005/149 reg. 28(1) (as added (2.10.2018) by The Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations (Northern Ireland) 2018 (S.R. 2018/165), regs. 1(2), 2(3))
Commutation of periodic compensation
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In prescribed circumstances, a person entitled to periodic compensation under paragraph 5, 8, 11 or 15 may opt to commute for a lump sum a portion of the periodic compensation with effect from the time it F6commences.
2
Except in such circumstances as may be prescribed, the portion commuted under sub-paragraph (1) must not exceed 25% F5of the periodic compensation at that time .
3
Any reduction required to be made under paragraph 26 (compensation cap) must be made before determining the amount of a person's periodic compensation which may be commuted under this paragraph.
4
Where a person opts to commute any part of his periodic compensation under this paragraph, the lump sum payable under sub-paragraph (1) is the actuarial equivalent of the commuted portion of the periodic compensation calculated from tables designated for this purpose by the Board.
5
The Board must publish in such manner as it considers appropriate the tables designated by it for the purposes of sub-paragraph (4).
6
Regulations may prescribe the manner in which an option to commute periodic compensation under this paragraph may be exercised.
7
This paragraph does not apply where—
a
before the assessment date, the person concerned has received benefits under the scheme rules which were in the form of a lump sum (otherwise than as a result of the commutation of any part of a pension) and were attributable to his own service under the scheme, or
b
immediately before the assessment date, the person concerned has rights to a lump sum under the admissible rules (otherwise than by commutation of any part of a pension) and those rights are attributable to such service.
8
The Department may, by order, amend sub-paragraph (2) to substitute a different percentage for the percentage for the time being specified in that sub-paragraph.
mod. by SR 2005/171