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