SCHEDULE 4 continued
(c) for sub-paragraph (5) substitute—
“(5)
10In sub-paragraph (4) “the accrued amount” means an
amount equal to the initial annual rate of the pension to
which the deferred member would have been entitled in
accordance with the admissible rules had the member
attained normal benefit age on the transfer day.”
(5) 15In paragraph 18—
(a) for sub-paragraph (1)(b) substitute—
“(b)
the pension was attributable (directly or indirectly)
to a pension credit to which the deferred member
became entitled under section 29(1)(b) of the
20Welfare Reform and Pensions Act 1999.”, and
(b)
in sub-paragraph (3) the references to normal pension age
are to be read as references to normal benefit age.
(6) In paragraph 19—
(a)
in sub-paragraphs (1) and (2) the references to normal
25pension age are to be read as references to normal benefit
age,
(b)
in sub-paragraph (4) for the words from “the aggregate of”
to the end substitute “the accrued amount”,
(c) for sub-paragraph (5) substitute—
“(5)
30In sub-paragraph (4) “the accrued amount” means an
amount equal to the amount of the scheme lump sum to
which the deferred member would have been entitled in
accordance with the admissible rules had the member
attained normal benefit age on the transfer day.”, and
(d) 35omit sub-paragraph (6).
(7)
In this paragraph “transfer day” has the meaning given by section
29 of the Welfare Reform and Pensions Act 1999 (creation of
pension debits and credits).
21A (1) This paragraph applies to a person who—
(a)
40is a pension credit member of the scheme immediately
before the assessment date, but
(b) has not attained normal benefit age before that date.
(2)
But it applies only to the extent that the member’s pension credit
rights involve the member being credited by the scheme with
45notional pensionable service.
(3)
Paragraphs 15 to 19 apply to the pension credit member as they
apply to a deferred member who has not attained normal pension
Pensions BillPage 29
age before the assessment date, subject to the following
modifications.
(4) In paragraph 15—
(a)
in sub-paragraphs (1) and (2) the references to normal
5pension age are to be read as references to normal benefit
age, and
(b) for sub-paragraph (5) substitute—
“(5)
In sub-paragraph (4) “the accrued amount” means an
amount equal to the initial annual rate of the pension to
10which the deferred member would have been entitled in
accordance with the admissible rules had the member
attained normal benefit age on the transfer day.”
(5)
In paragraph 16(2)(a) for the words from “day after” to “ended”
substitute “transfer day”.
(6)
15In paragraph 17(2)(b) the reference to normal pension age is to be
read as a reference to normal benefit age.
(7) In paragraph 18—
(a) for sub-paragraph (1)(b) substitute—
“(b)
the pension was attributable (directly or indirectly)
20to a pension credit to which the deferred member
became entitled under section 29(1)(b) of the
Welfare Reform and Pensions Act 1999.”, and
(b)
in sub-paragraph (3) the references to normal pension age
are to be read as references to normal benefit age.
(8) 25In paragraph 19—
(a)
in sub-paragraphs (1) and (2) the references to normal
pension age are to be read as references to normal benefit
age, and
(b) for sub-paragraph (5) substitute—
“(5)
30In sub-paragraph (4) “the accrued amount” means an
amount equal to the amount of the scheme lump sum to
which the deferred member would have been entitled in
accordance with the admissible rules had the member
attained normal benefit age on the transfer day.”
(9)
35In this paragraph “transfer day” has the meaning given by section
29 of the Welfare Reform and Pensions Act 1999 (creation of
pension debits and credits).”
(3)
In paragraph 36(5)(a) (meaning of “pensionable service”) after “credit” insert
“(except for the purposes of paragraphs 21 and 21A)”.
19
40In the Pensions Act 2008 omit paragraphs 10 and 11 of Schedule 8 (which
amend paragraph 21 of Schedule 7 to the Pensions Act 2004).
Postponement of compensation
20
Schedule 7 to the Pensions Act 2004 (pension compensation provisions) is
amended as follows.
21 45For paragraph 25A (deferral of compensation) and the heading before it