SCHEDULES

C1SCHEDULE 5Pension compensation payable on discharge of pension compensation credit

Annotations:
Modifications etc. (not altering text)
C1

Sch. 5 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

Part 4Provisions applicable irrespective of age of transferee on transfer day

F1Postponement of compensation

Annotations:
Amendments (Textual)
F1

Sch. 5 para. 16A and cross-heading inserted (13.3.2013) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 30(2); S.I. 2013/585, art. 2(b)(iii)

16A

1

Regulations may prescribe circumstances in which, and conditions subject to which, a person who becomes entitled to periodic compensation under paragraph 4 or 6 may elect to postpone the commencement of periodic compensation under that paragraph.

2

Where the commencement of periodic compensation under paragraph 4 or 6 ceases to be postponed, the Board must determine—

a

the relevant amount, 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 are to the difference between the amounts in sub-paragraphs (2)(a) and (2)(b).

4

In sub-paragraph (2) the “ relevant amount ” means (as appropriate)—

a

the amount mentioned in paragraph 4(3)(a), or

b

the aggregate of the amounts mentioned in paragraph 6(3)(a) and (b).