Point in time view as at 31/12/2023.
Pensions Act 2004, Cross Heading: Postponement of compensation is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Textual Amendments
F1Sch. 7 para. 25A and cross-heading substituted (13.3.2013) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 22; S.I. 2013/585, art. 2(b)(ii)
[F125A(1)Regulations may prescribe circumstances in which, and conditions subject to which—E+W+S
(a)a person who becomes entitled to periodic compensation under paragraph 5, 8, 11 or 15 may elect to postpone the commencement of periodic compensation under that paragraph, and
(b)a person who becomes entitled to lump sum compensation under paragraph 7, 10, 14 or 19 may elect to postpone the payment of lump sum compensation under that paragraph.
(2)Where the commencement of periodic compensation under paragraph 5, 8, 11 or 15 ceases to be postponed, the Board must determine—
(a)the amount mentioned in sub-paragraph (3)(a) of that paragraph, as at the time the periodic compensation would have commenced if its commencement had not been postponed, and
(b)the amount in paragraph (a), increased in accordance with actuarial factors published by the Board.
(3)References in this Schedule to the amount of an actuarial increase under this paragraph, in relation to periodic compensation, are to the difference between the amounts in sub-paragraphs (2)(a) and (2)(b).
(4)Where the payment of lump sum compensation under paragraph 7, 10, 14 or 19 ceases to be postponed, the Board must determine—
(a)the relevant amount, as at the time the lump sum compensation would have been payable if its payment had not been postponed, and
(b)the amount in paragraph (a), increased in accordance with actuarial factors published by the Board.
(5)References in this Schedule to the amount of an actuarial increase under this paragraph, in relation to lump sum compensation, are to the difference between the amounts in sub-paragraphs (4)(a) and (4)(b).
(6)In sub-paragraph (4) the “relevant amount” means (as appropriate)—
(a)the amount mentioned in paragraph 7(2)(a),
(b)the aggregate of the amounts mentioned in paragraph 10(2)(a) and (b),
(c)the amount mentioned in paragraph 14(3)(a), or
(d)the amount mentioned in paragraph 19(3)(a).]
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