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).