Regulation 174 Forfeiture: relevant monetary obligations and relevant monetary lossesI1

If a member (P) has a relevant monetary obligation or has caused a relevant monetary loss the scheme manager may, to such extent and for such duration as it considers appropriate, withhold benefits payable to P under this scheme.

The scheme manager may withhold benefits to the extent the scheme manager considers appropriate but may only withhold that part of P’s pension as exceeds any guaranteed minimum to which P is entitled under section 14 of PSA 1993.

The scheme manager may not withhold more than the lesser of—

The scheme manager may only withhold benefits if—

In this regulation—

• “relevant monetary obligation” means a monetary obligation which—

  1. (a)

     was incurred to P’s employer,

  2. (b)

     was incurred after P became an active member of this scheme,

  3. (c)

     arose out of P’s criminal, negligent or fraudulent act or omission, and

  4. (d)

     arose out of or was connected with the scheme employment in respect of which P is a member of this scheme; and

• “relevant monetary loss” means a monetary loss which—

  1. (a)

     was caused to this scheme, and

  2. (b)

     arose as a result of P’s criminal, negligent or fraudulent act or omission.