- Latest available (Revised)
- Point in Time (19/12/2007)
- Original (As made)
Version Superseded: 04/06/2008
Point in time view as at 19/12/2007. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
There are currently no known outstanding effects for the The Financial Assistance Scheme Regulations 2005, Section 18.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
18.—(1) F2... this regulation applies where a qualifying pension scheme is winding up and—
(a)a qualifying member of that scheme—
(i)has attained the age of 64; or
(ii)has not attained that age, but the scheme manager—
(aa)has been notified that a qualifying member is terminally ill; and
(bb)is satisfied as to that fact; or
(b)a qualifying member of that scheme has died and leaves a survivor.
(2) The trustees or managers of the scheme may make a written request to the scheme manager for a payment (“an initial payment”) to be made to, or in respect of, a qualifying member or his survivor—
(a)in anticipation of an annual payment being payable under this Part to the qualifying member or his survivor[F3, and on account of such a payment]; and
(b)before any monthly instalment of that annual payment is made.
(3) If a request for an initial payment is made in respect of a qualifying member who dies before any monthly instalment of an annual payment has been made to that qualifying member, the trustees or managers may make a further request that an initial payment be made in respect of any survivor of that qualifying member.
(4) On receipt of a request for an initial payment, the scheme manager may, in his discretion, make an initial payment—
(a)to the qualifying member in respect of whom the request was made, with effect from whichever is the later of—
(i)14th May 2004; or
(ii)the day on which—
(aa)the qualifying member attains the age of 65, or
(bb)the scheme manager is first notified that the qualifying member is terminally ill,
whichever is the earlier; or
(b)if the qualifying member has died, to a survivor of that qualifying member with effect from whichever is the later of—
(i)14th May 2004; or
(ii)the day after the day on which that qualifying member died.
F4(4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) In exercising his discretion under paragraph (4), the scheme manager may only have regard to—
(a)the amount, if any, of any interim pension that was in payment, is in payment, or is proposed to be paid, from the qualifying pension scheme—
(i)to a qualifying member up until his death; or
(ii)after his death, to his survivor; and
(b)any circumstances relating to the scheme which, in the opinion of the scheme manager, are relevant to determining whether an initial payment should be made.
[F5(5A) Where the trustees or managers have determined the amount of interim pension that would be paid to the qualifying member or the survivor of that qualifying member, but do not propose to pay that interim pension for administrative reasons, the scheme manager may, in exercising his discretion under paragraph (4) and in determining the amount of initial payment under Schedule 2, deem that member or that survivor to be receiving that interim pension, if in the scheme manager’s opinion it is reasonable to do so.]
(6) Schedule 2 makes provision for the determination of the amount of initial payments.
(7) If the scheme manager determines that an initial payment may be made under paragraph (4), the initial payment is payable—
(a)to a qualifying member from the relevant day mentioned in that paragraph until the day on which that qualifying member—
(i)would have been paid, or is paid, the first monthly instalment of an annual payment in accordance with regulation 19, if an annual payment were payable, or is payable, to him under this Part; or
(ii)dies,
whichever is the earlier; and
(b)in respect of a qualifying member who has died, to a survivor of that qualifying member from the day after the day on which that qualifying member died until the day on which his survivor—
(i)would have been paid, or is paid, the first monthly instalment of an annual payment in accordance with regulation 19, if an annual payment were payable, or is payable, to him under this Part; or
(ii)dies,
whichever is the earlier.
(8) From the day after the day on which a beneficiary dies, any further monthly instalments of an initial payment that would have been payable to that beneficiary in respect of that year cease to be payable.
(9) The scheme manager may, at any time before the amount of the annual payment is determined, redetermine the amount of any initial payment paid under paragraph (4) if he is satisfied that the amount being paid by way of initial payment, as determined in accordance with Schedule 2, may be incorrect.
[F6(9ZA) The power to redetermine the amount of an initial payment under paragraph (9) includes the power to redetermine that amount as a result of a change in the amount of interim pension being paid to the beneficiary.]
[F7(9A) If, having determined that an initial payment may be made under paragraph (4), the scheme manager subsequently determines, in accordance with Schedule 2, that no annual payment is payable to or in respect of that qualifying member or his survivor, then the total of all monthly instalments of an initial payment made to or in respect of that qualifying member or his survivor is recoverable in accordance with regulation 7 of the FAS Information and Payments Regulations.]
(10) [F8In this regulation “interim pension” has the meaning given in paragraph 2 of Schedule 2.]]
Textual Amendments
F1Reg. 18 substituted (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 4(4)
F2Words in reg. 18(1) omitted (19.12.2007) by virtue of The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3581), regs. 1(1), 6(2)(a)
F3Words in reg. 18(2)(a) inserted (16.12.2006) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 6(2)(b)
F4Reg. 18(4A) omitted (19.12.2007) by virtue of The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3581), regs. 1(1), 6(2)(b)
F5Reg. 18(5A) inserted (16.12.2006) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 6(2)(d)
F6Reg. 18(9ZA) inserted (19.12.2007) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3581), regs. 1(1), 6(2)(c)
F7Reg. 18(9A) inserted (16.12.2006) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 6(2)(e)
F8Reg. 18(10) substituted (19.12.2007) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/3581), regs. 1(1), 6(2)(d)
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: