Part IOccupational pensions
The compensation provisions
82Applications for payments
1
Compensation may be paid under section 83 only on an application to which section 81 applies made within the qualifying period by a prescribed person.
2
An application under this section must be made in the manner, and give the information, required by the Compensation Board.
3
For the purposes of this section the “qualifying period”, subject to subsection (5), is the period expiring with the period of twelve months mentioned in subsection (4).
4
The period of twelve months referred to in subsection (3) is that beginning with the later of the following times—
a
the insolvency date,
b
when the auditor or actuary of the scheme, or the trustees, knew or ought reasonably to have known that a reduction of value falling within section 81(1)(c) had occurred,
being, in each case, a time after the appointed day.
5
The Compensation Board may extend, or further extend, the qualifying period.