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35 | Page 98, line 43, at end insert— |
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| | “( ) | In paragraph 24(2), at the end insert “of the periodic compensation at |
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| | |
36 | Page 99, line 3, at end insert— |
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| | | “In paragraph 18(2) of Schedule 5 to the Pensions Act 2008, for “the |
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| | compensation cap” to the end substitute “a modified version of the |
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| | compensation cap in paragraph 26A of Schedule 7 to the Pensions Act |
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37 | Page 99, leave out lines 6 to 10 |
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38 | Page 101, line 18, at end insert— |
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| | Transitional provision: schemes undergoing assessment or winding up on |
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| | Schemes undergoing assessment on the commencement date |
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| | 15 (1) | This paragraph applies in relation to an eligible scheme that is |
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| | undergoing assessment on the commencement date. |
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| | |
| | | Continue to use the old cap as the basis of assessment |
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| | (2) | For the purposes of the following, ignore any effect that this Schedule |
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| | has on the compensation which would be payable if the Board assumed |
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| | responsibility for the scheme in accordance with Chapter 3 of Part 2 of |
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| | |
| | (a) | any provision in which the definition of “protected liabilities” in |
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| | section 131 of that Act applies, and |
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| | (b) | any provision in which the definition of “protected benefits |
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| | quotation” in section 151(8) of that Act applies. |
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| | | Going forwards, pay pensions on the basis of the new cap |
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| | (3) | For the purposes of section 138(2) of the Pensions Act 2004 take into |
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| | account any effect that this Schedule has on the compensation which |
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| | would be payable if the Board assumed responsibility for the scheme in |
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| | accordance with Chapter 3 of Part 2 of that Act on the assessment date. |
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| | Schemes that begin winding up before the commencement date |
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| | 16 (1) | This paragraph applies in relation to an eligible scheme that is being |
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| | wound up if the winding up began (or is treated as having begun) before |
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| | | Use the old cap when working out the preferential liabilities (generally) |
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| | (2) | For the purposes of sections 73 and 73A of the Pensions Act 1995, ignore |
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| | any effect that this Schedule has on the compensation which would be |
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| | payable if the Board assumed responsibility for the scheme in |
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| | accordance with Chapter 3 of Part 2 of the Pensions Act 2004. |
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| | |
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| | |
| | |
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| | | Going forwards, pay pensions on the basis of the new cap during assessment |
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| | (3) | If for any period the scheme is being wound up and is also undergoing |
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| | assessment (“the overlap period”), sub-paragraph (4) applies. |
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| | (4) | For the purposes of section 73A of the Pensions Act 1995 as it applies in |
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| | relation to the overlap period, take into account any effect that this |
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| | Schedule has on the compensation which would be payable if the Board |
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| | assumed responsibility for the scheme in accordance with Chapter 3 of |
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| | Part 2 of the Pensions Act 2004. |
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| | Meaning of “undergoing assessment” |
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| | 17 | For the purposes of this Part of this Schedule an eligible scheme is |
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| | “undergoing assessment” if an assessment period has begun in relation |
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| | to the scheme but has not yet ended. |
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| | Meaning of “eligible scheme” |
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| | 18 | Section 126(4) of the Pensions Act 2004 (list of provisions in relation to |
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| | which regulations may provide that a scheme remains an “eligible |
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| | scheme”) is to be treated as including a reference to this Part of this |
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| | Interpretation and power to make further transitional provision |
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| | |
| | 19 | In this Schedule “the commencement date” means the date on which it |
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| | |
| | 20 | Other expressions used in this Schedule have the same meaning as in |
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| | Part 2 of the Pensions Act 2004. |
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| | Further transitional provision |
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| | 21 | The inclusion of Parts 3 and 4 of this Schedule does not prevent |
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| | transitional provision being made by order under section 51(7). |
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| | 22 (1) | In relation to a case involving multiple benefits, transitional provision |
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| | made by order under section 51(7) may, in particular— |
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| | (a) | disapply or modify any provision of this Schedule; |
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| | (b) | make provision similar to any provision of this Schedule. |
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| | (2) | For these purposes, “a case involving multiple benefits” means a case |
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| | mentioned in paragraph 26(9) of Schedule 7 to the Pensions Act 2004. |
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| | 23 (1) | Transitional provision made by order under section 51(7) may, in |
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| | particular, make provision in relation to compensation payable under |
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| | Chapter 1 of Part 3 of the Pensions Act 2008 (compensation sharing on |
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| | divorce etc) that is similar to any provision of Part 3 of this Schedule. |
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| | (2) | Regulations under paragraph 18 of Schedule 5 to the Pensions Act 2008 |
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| | which restrict an amount payable to a person in any period by reference |
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| | to a modified version of the compensation cap in paragraph 26A of |
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| | Schedule 7 to the Pensions Act 2004 (inserted by Part 1 of this Schedule) |
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