SCHEDULES

C1C5C4C6C2C3C7C8C9C10C11SCHEDULE 7Pension compensation provisions

Annotations:
Modifications etc. (not altering text)
C1

Sch. 7 amendment to earlier affecting provision S.I. 2005/652, reg. 14(2) (1.4.2005) by The Occupational Pension Schemes and Pension Protection Fund (Amendment) Regulations 2005 (S.I. 2005/993), regs. 1(1), 7

C8

Sch. 7 applied (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2

C9

Sch. 7 applied (24.7.2014 immediately after 2011 c. 19, s. 29, see S.I. 2014/1683, art. 2) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1))

C10

Sch. 7 modified by S.I. 2005/670, reg. 29 (as inserted in Pt. 12 of S.I. 2005/670 by S.I. 2018/95, reg. 2(6)) (24.2.2018) by The Pension Protection Fund (Compensation) (Amendment) Regulations 2018 (S.I. 2018/95), regs. 1, 2(6)

C11

Sch. 7 modified by S.I. 2005/670, reg. 30 (as inserted (for specified purposes and with effect in accordance with reg. 30(3)-(5) of the amending S.I.) by The Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations 2018 (S.I. 2018/988), regs. 1(2)(b), 2(3))

F1Postponement of compensation

Annotations:
Amendments (Textual)
F1

Sch. 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—

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).