The Financial Assistance Scheme Regulations 2005

Annual payments

17.—(1) Schedule 2 makes provision for the determination of the amount of annual payments to be paid to, or in respect of, qualifying members of qualifying pension schemes including provision for—

(a) a cap to be imposed on such amounts; and

(b) an amount to be paid only where an amount determined under that Schedule is equal to, or exceeds, a specified amount.

(2) Except where paragraph (3) applies, a qualifying member of a qualifying pension scheme shall be entitled to an annual payment determined in accordance with Schedule 2 from—

(a) 14^th May 2004; or

(b) the day on which the qualifying member attains the age of 65,

whichever is the later.

(3) Where the scheme manager is satisfied that a qualifying member is terminally ill within the meaning given in section 66(2)(a) of the Social Security Contributions and Benefits Act 1992(1), that member shall be entitled to an annual payment determined in accordance with Schedule 2 from the day on which the scheme manager is first notified that that member may be terminally ill.

(4) A survivor of a qualifying member of a qualifying pension scheme shall be entitled to an annual payment determined in accordance with Schedule 2 from—

(a) 14^th May 2004; or

(b) the day after the day on which that qualifying member died,

whichever is the later.

(5) The year in respect of which the annual payment is to be made shall be the year starting on the day on which a monthly instalment of the annual payment or, as the case may be, an initial payment, is first payable to a beneficiary by virtue of regulation 19 and in respect of subsequent years, on each anniversary of that day.

(6) Annual payments which are payable to a beneficiary under this Part shall continue for life.

(1)

1992 c. 4.