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Paragraph 10 Initial payments

Original text. Later amendments are not shown.

The preceding provisions of this Schedule shall apply for the purposes of determining the amount of an initial payment with the following modifications—

(a)

for paragraph 2, substitute—

“Interim pension

2.

In this Schedule, “interim pension” means the annual rate of pension in payment or proposed to be paid to the qualifying member from the assets of the qualifying pension scheme of which he is a member, on or after the time when the scheme began to wind up but before the day on which the scheme’s liabilities to the member were discharged.”;

(b)

for “actual pension”, in each place, substitute “interim pension”;

(c)

for “0.8”, in each place, substitute “0.6”.