3.—(1) The Pension Protection Fund (Compensation) Regulations 2005(1) are amended in accordance with this regulation.
(2) After regulation 15 (manner of determining the revaluation percentage in the case of deferred members who have not attained normal pension age at assessment date), insert—
15A.—(1) Where, immediately before the assessment date, the admissible rules of the scheme do not provide for any revaluation of the benefits payable to or in respect of any member, Schedule 7 to the Act is modified in its application to that scheme in accordance with this regulation.
(2) Paragraph 11 (active members who have not attained normal pension age at assessment date: periodic compensation) applies to that scheme as if for sub-paragraph (4), there were substituted—
“(4) In sub-paragraph (3) “the protected notional pension” means the accrued amount.”.
(3) Paragraph 14 (active members who have not attained normal pension age at assessment date: lump sum compensation) applies to that scheme as if—
(a)for sub-paragraph (4), there were substituted—
“(4) In sub-paragraph (3) “the protected amount” means the accrued amount.”; and
(b)sub-paragraph (8) were omitted.
(4) Paragraph 15 (deferred members who have not attained normal pension age at assessment date: periodic compensation) applies to that scheme as if for sub-paragraph (4), there were substituted—
“(4) In sub-paragraph (3) “the protected pension rate” means the accrued amount.”.
(5) Paragraph 19 (deferred members who have not attained normal pension age at assessment date: lump sum compensation) applies to that scheme as if—
(a)for sub-paragraph (4), there were substituted—
“(4) In sub-paragraph (3) “the protected amount” means the accrued amount.”; and
(b)sub-paragraph (6) were omitted.
(6) Schedule 7 applies to that scheme as if paragraphs 12, 16, 17 and 21(2)(b) and (f) were omitted.”.