The Pension Protection Fund (Compensation) Regulations 2005

Special provision in relation to pensions in payment following early retirementE+W+S

This section has no associated Explanatory Memorandum

10.—(1) Where immediately before the assessment date—

(a)a person is entitled to present payment of a pension under the scheme rules;

(b)the scheme rules provide that the award of that pension is dependent on—

(i)that person having attained early retirement age; and

(ii)the consent of—

(aa)the trustees or managers; or

(bb)the employer; [F1and]

(c)the effect of disregarding rules within paragraphs (a) and (b) of paragraph 35(2) of Schedule 7 to the Act (scheme rules, admissible rules etc) is that the person is not entitled to compensation under paragraph 3(2) by reason of the pension or a part of the pension,

paragraphs (2) and (3) shall apply.

(2) Where in the opinion of the trustees or managers—

(a)the trustees or managers; or

(b)the employer,

would have consented to the award of a pension to that person under the admissible rules of the scheme prior to the assessment date, they must notify the Board in that respect.

(3) Where the Board receives a notice under paragraph (2) that person shall be treated, for the purposes of the pension compensation provisions, as entitled, immediately before the assessment date, to present payment of a pension under the admissible rules.

Textual Amendments