Part 5Occupational and personal pension schemes: miscellaneous provisions
Pension compensation
I1277Amendments relating to the Pensions Compensation Board
1
The Pensions Act 1995 (c. 26) is amended as follows.
2
In section 80 (review of decisions of the Pensions Compensation Board)—
a
after subsection (2) insert—
2A
The Compensation Board may also review such a determination without an application being made.
b
for subsections (4) and (5) substitute—
4
Regulations may make provision—
a
with respect to reviews under this section (or any corresponding provision in force in Northern Ireland);
b
with respect to applications under subsection (2) (or any corresponding provision in force in Northern Ireland) and the procedure to be adopted on any such application.
3
In section 81 (cases where compensation provisions apply), omit subsections (1)(d), (2A) and (7).
4
In section 83 (amount of compensation) for subsections (3) and (4) substitute—
3
The amount of the payment, or (if there is more than one) the aggregate, must not exceed the aggregate of—
a
the amount (if any) by which the shortfall at the application date exceeds the recoveries of value made between the application date and the settlement date, and
b
interest at the prescribed rate for the prescribed period on the amount of that excess (if any).