The Pension Protection Fund (Pension Compensation Sharing and Attachment on Divorce etc) Regulations 2011

[F1 PART   10A U.K. Postponement of compensation

Textual Amendments

F1 Pt. 10A inserted (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 6(2)

Postponing compensation U.K.

31A.   A person who becomes entitled to periodic compensation under paragraph 4 or 6 (compensation payable to transferee) of Schedule 5 to the Act may elect to postpone the commencement of periodic compensation under that paragraph—

(a) in any of the circumstances prescribed in regulation 31B; and

(b) subject to all of the conditions prescribed in regulation 31C.

Circumstances in which periodic compensation can be postponed U.K.

31B.— (1) The circumstances referred to in regulation 31A(a) are as follows.

(2) The first circumstance is where the person has not attained pension compensation age on the transfer day.

(3) The second circumstance is where, on the transfer day, the person—

(a) has attained pension compensation age; and

(b) is not in receipt of periodic compensation in respect of the pension compensation credit.

Conditions subject to which periodic compensation can be postponed U.K.

31C.— (1) The conditions referred to in regulation 31A(b) are as follows.

(2) The first condition is that the person on and from the transfer day is not and has not been in receipt of any periodic compensation or lump sum compensation payment in respect of the pension compensation credit.

(3) The second condition is that for each election to postpone, the person must have sent a written notice to the Board in accordance with paragraph (4) that they wish to postpone periodic compensation, before the person receives payment in respect of the pension compensation credit.

(4) The notice referred to in paragraph (3) must include—

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

(b) the name of the scheme for which the Board has assumed responsibility; and

(c) the date on which the person would like the commencement of periodic compensation to cease to be postponed, which must be a date before the person attains the age of 75.

Date on which postponement ceases U.K.

31D.— (1) Periodic compensation ceases to be postponed on the date elected in regulation 31C(4)(c) unless the person has further elected an earlier date or a later date (which must be a date before the person attains the age of 75).

(2) A person who wishes to make a further election under this regulation must send a written notice to the Board before the date notified (or most recently notified) under regulation 31C(4)(c).

(3) The notice referred to in paragraph (2) must include the information set out in regulation 31C(4).]