Regulation 39 Compensation for purported special payments to buy out early payment reductionF7I1

This regulation applies where R has, during the period of relevant service, made any F1purported special payments F2....

F3For the avoidance of doubt, any rights that would otherwise have been secured by the purported special payments F4, had R been entitled to make them, are extinguished.

The scheme manager must pay to the appropriate person an amount by way of compensation equal to—

Where determining the tax relief amount under paragraph (3)(b), the scheme manager may adopt an approach which is reasonable in all the circumstances to approximate that amount.

The following provisions of the PSP Directions 2022 apply in relation to a determination under paragraph (3)(b) as they apply in relation to a determination under direction 23(2)—