8(1)If—E+W+S
(a)a pension credit derives from an occupational pension scheme,
(b)the scheme is one to which [F1Part 3 of the Pensions Act 2004 (scheme funding)] applies,
(c)the scheme is underfunded on the valuation day, and
(d)such circumstances as the Secretary of State may prescribe by regulations apply,
paragraph 1(3) shall have effect in relation to the credit as if the reference to the amount of the credit were to such lesser amount as may be determined in accordance with regulations made by the Secretary of State.
(2)Whether a scheme is underfunded for the purposes of sub-paragraph (1)(c) shall be determined in accordance with regulations made by the Secretary of State.
(3)For the purposes of that provision, the valuation day is the day by reference to which the cash equivalent on which the amount of the pension credit depends falls to be calculated.
Textual Amendments
F1Words in Sch. 5 para. 8(1)(b) substituted (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 77(2); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1
Commencement Information
I1Sch. 5 para. 8 wholly in force at 1.12.2000; Sch. 5 para. 8 in force for certain purposes at Royal Assent see s. 89(1)(5); Sch. 5 para. 8 in force at 1.12.2000 insofar as not already in force by S.I. 2000/1047, art. 2(2)(d), Sch. Pt. IV