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The Pension Protection Fund (Compensation) Regulations (Northern Ireland) 2005
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- Northern Ireland Statutory Rules
- 2005 No. 149
- PART 7
- Regulation 19
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Manner in which an option to commute may be exercised
19.—(1) The manner in which an option to commute periodic compensation under paragraph 24(1) of Schedule 6 may be exercised is specified in paragraphs (2) to (5).
(2) A person must exercise an option to commute a portion of his periodic compensation under paragraph 24(1) of Schedule 6 by giving notice to the Board in writing.
(3) A notice given under paragraph (2) must include –
(a)the name, address, date of birth and national insurance number of the person exercising the option,
(b)the name and address of the employer in respect of the scheme, and
(c)the percentage of the periodic compensation that the person opts to commute.
(4) Where a person exercises an option to commute more than 25 per cent. of the periodic compensation that person must also provide the Board with the name and address of any connected occupational pension scheme of which he is a member.
(5) The Board may require a person exercising an option under paragraph 24(1) of Schedule 6 to produce any document or provide any other information relevant to the exercise of the Board’s functions in respect of the notice given under paragraph (2).
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