Paragraph 3 Qualifying members receiving pensions from the qualifying pension scheme

This paragraph applies where immediately before a qualifying pension scheme began to wind up, a qualifying member was entitled to present payment of a pension under the scheme rules.

The annual payment payable to a qualifying member to whom this paragraph applies shall be—

• (expected pension x 0.8) — actual pension.

In this paragraph, “expected pension” means the annual rate of the pension which would have been in payment to the qualifying member in respect of rights accrued in a qualifying pension scheme as at the certification date if the scheme had not started to wind up.