The Pension Protection Fund (Compensation) Regulations 2005

PART 2 E+W+S Early payment of compensation

Circumstances where a person shall be entitled to early payment of compensation E+W+S

2.—(1) The conditions subject to which a person may become entitled to—

(a) periodic compensation under paragraphs 11 or 15; or

(b) lump sum compensation under paragraphs 14 or 19,

of Schedule 7 to the Act before he attains normal pension age are those prescribed in the following paragraphs of this regulation.

(2) Those conditions are—

(a) that the person has given notice to the Board, in accordance with paragraph (3), that he wishes to receive that compensation before he attains normal pension age; and

(b) he has attained the age of 50 on the date on which the compensation is to become payable early.

(3) The notice referred to in paragraph (2)(a)—

(a) must include—

(i) the person's name, address, date of birth and national insurance number;

(ii) the name and address of the employer to which the scheme for which the Board has assumed responsibility relates (“the relevant scheme”); and

(iii) the date on which the person would like the compensation to become payable early (“the requested early payment date”);

(b) must not be given before the date on which the Board assumes responsibility for the relevant scheme; and

(c) subject to paragraph (4), must be given at least six months before the requested early payment date.

(4) The Board may waive the requirement in paragraph (3)(c) if, in its opinion, compliance with that requirement would cause hardship to the person who would like to receive the payment of compensation early.

(5) This regulation does not apply to any case where the compensation is payable under paragraphs 15 or 19 of Schedule 7 to the Act by virtue of paragraph 21 (pension credit members who have not attained normal benefit age at assessment date) of that Schedule.