Pensions Act 1995

The Pensions Compensation Board

78 The Compensation Board

(1) There shall be a body corporate called the Pensions Compensation Board (referred to in this Part as “the Compensation Board”).

(2) The Compensation Board shall consist of not less than three members appointed by the Secretary of State, one of whom shall be so appointed as chairman.

(3) In addition to the chairman, the Board shall comprise—

(a) a member appointed after the Secretary of State has consulted—

(i) organisations appearing to him to be representative of employers, and

(ii) the chairman,

(b) a member appointed after the Secretary of State has consulted—

(i) organisations appearing to him to be representative of employees, and

(ii) the chairman,

and such other member or members as the Secretary of State may appoint after consultation with the chairman.

(4) Payments made by the Compensation Board may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board think appropriate.

(5) The Compensation Board may borrow from an institution authorised under the [1987 c. 22.] Banking Act 1987 such sums as they may from time to time require for exercising any of their functions.

(6) The aggregate amount outstanding in respect of the principal of any money borrowed by the Compensation Board under subsection (5) must not exceed the prescribed amount.

(7) Neither the Compensation Board nor any person who is a member or employee of the Compensation Board shall be liable in damages for anything done or omitted in the discharge or purported discharge of the functions of the Compensation Board under this Part, or any corresponding provisions in force in Northern Ireland, unless it is shown that the act or omission was in bad faith.

(8) Schedule 2 (constitution, procedure, etc. of the Compensation Board) shall have effect.

79 Reports to Secretary of State

(1) The Compensation Board must prepare a report for the first twelve months of their existence, and a report for each succeeding period of twelve months, and must send each report to the Secretary of State as soon as practicable after the end of the period for which it is prepared.

(2) A report prepared under this section for any period must deal with the activities of the Compensation Board in the period.

(3) The Secretary of State must lay before each House of Parliament a copy of every report received by him under this section.

80 Review of decisions

(1) Subject to the following provisions of this section, any determination by the Compensation Board of a question which it is within their functions to determine shall be final.

(2) The Compensation Board may on the application of a person appearing to them to be interested—

(a) at any time review any such determination of theirs as is mentioned in subsection (1) (including a determination given by them on a previous review), if they are satisfied that there has been a relevant change of circumstances since the determination was made, or that the determination was made in ignorance of a material fact or based on a mistake as to a material fact or was erroneous in point of law, and

(b) at any time within a period of three months from the date of the determination, or within such longer period as they may allow in any particular case, review such a determination on any ground.

(3) The Compensation Board’s powers on a review under this section include power—

(a) to vary or revoke any determination previously made,

(b) to substitute a different determination, and

(c) generally to deal with the matters arising on the review as if they had arisen on the original determination;

and also include power to make savings and transitional provisions.

(4) Subject to subsection (5), regulations may make provision with respect to the procedure to be adopted on any application for a review under this section, or under any corresponding provision in force in Northern Ireland, and generally with respect to such applications and reviews.

(5) Nothing in subsection (4) shall be taken to prevent such a review being entered upon by the Compensation Board without an application being made.