Pensions Act 2004

Pension credit members who have not attained normal benefit age at assessment date E+W+S

21 (1) Paragraphs 15, 18 and 19 apply in relation to a pension credit member of the scheme who has not attained normal benefit age at the assessment date as they apply to a deferred member who has not attained normal pension age at that date, subject to the modifications in sub-paragraph (2). E+W+S

(2) The modifications are as follows—

(a) in paragraph 15(1) and (2) the references to normal pension age are to be read as references to normal benefit age,

(b) in paragraph 15(4) for the words from “the aggregate of” to the end substitute “ the accrued amount ”,

(c) for paragraph 15(5) substitute—

“(5) In sub-paragraph (4) “the accrued amount” means an amount equal to the initial annual rate of the pension which, under the admissible rules, the deferred member is entitled to receive at normal benefit age by virtue of his pension credit rights.”,

(d) for paragraph 18(1)(b) substitute—

“(b) the pension was attributable (directly or indirectly) to a pension credit to which the deferred pensioner became entitled under section 29(1)(b) of the Welfare Reform and Pensions Act 1999 (c. 30).”,

(e) in paragraph 19(1) and (2) the references to normal pension age are to be read as references to normal benefit age,

(f) in paragraph 19(4) for the words from “the aggregate of” to the end substitute “ the accrued amount ”,

(g) for paragraph 19(5) substitute—

“(5) In sub-paragraph (4) “the accrued amount” means an amount equal to the amount of the scheme lump sum which, under the admissible rules, the deferred member is entitled to receive at normal benefit age by virtue of his pension credit rights.”, and

(h) paragraph 19(6) does not apply.

Modifications etc. (not altering text)

C1 Sch. 7 modified (6.4.2005) by The Pension Protection Fund (Reviewable Ill Health Pensions) Regulations 2005 (S.I. 2005/652), regs. 1(1), 15

C2 Sch. 7 applied (with modifications) (6.4.2005) by The Pension Protection Fund (Reviewable Ill Health Pensions) Regulations 2005 (S.I. 2005/652), regs. 1(1), 14(2)

C3 Sch. 7 modified (6.4.2005) by The Pension Protection Fund (Compensation) Regulations 2005 (S.I. 2005/670), regs. 1(1), 12 (with reg. 23(3))

C4 Sch. 7 applied (with modifications) (6.4.2005) by The Pension Protection Fund (Hybrid Schemes) (Modification) Regulations 2005 (S.I. 2005/449), regs. 1(1), 3(2)-(4)

C5 Sch. 7 applied (with modifications) (6.4.2005) by The Pension Protection Fund (Reviewable Ill Health Pensions) Regulations 2005 (S.I. 2005/652), regs. 1(1), 13(1)

Commencement Information

I1 Sch. 7 para. 21 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7