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The Occupational Pension Schemes (Pension Protection Fund (Compensation) and Fraud Compensation Payments) (Amendment) Regulations 2023

S.I. 2023/265 · Made 6 March 2023

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Pensions

Made 6th March 2023

Laid before Parliament 7th March 2023

Coming into force 6th April 2023

The Secretary of State makes the following Regulations in exercise of the powers conferred by sections 186(1)(a)(ii) and 315(2), (4) and (5) of, and paragraph 23 of Schedule 7 to, the Pensions Act 2004f1.

In accordance with section 317(1) of the Pensions Act 2004, the Secretary of State has consulted such persons as the Secretary of State considers appropriate.

Annotations to the whole text

Footnotes

f1

2004 c. 35. See section 318(1) for definitions of “prescribed” and “regulations”.

Contents

  1. 1Citation and commencement
  2. 2Extent
  3. 3Amendment of the Pension Protection Fund (Compensation) Regulations 2005
  4. 4Amendment of the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005
  5. Signature
  6. Explanatory note

1Citation and commencement

These Regulations may be cited as the Occupational Pension Schemes (Pension Protection Fund (Compensation) and Fraud Compensation Payments) (Amendment) Regulations 2023 and come into force on 6thApril 2023.

2Extent

These Regulations extend to England and Wales and Scotland.

3Amendment of the Pension Protection Fund (Compensation) Regulations 2005

In regulation 7 of the Pension Protection Fund (Compensation) Regulations 2005f1 (period of payment), in paragraph (2)(b) omit “and within one year of leaving the previous course”.

4Amendment of the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005

In regulation 8 of the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005f1 (interim payments), after paragraph (1)(b)(iv) insert—

“(v)

costs, expenses and liabilities that arise as a consequence of the application;”.

Signature

Signed by authority of the Secretary of State for Work and Pensions

Laura Trott

Parliamentary Under Secretary of State

Department for Work and Pensions

6th March 2023

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Pension Protection Fund (Compensation) Regulations 2005 (S.I. 2005/670) and the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/2184).

Regulation 3 amends the Pension Protection Fund (Compensation) Regulations 2005 to remove the requirement for a dependent child survivor to commence a qualifying course within one year of leaving the previous course. Regulation 3 allows dependent children to continue to receive compensation payments if they begin the new qualifying course before reaching the age of 23.

Regulation 4 amends the Occupational Pension Schemes (Fraud Compensation Payments and Miscellaneous Amendments) Regulations 2005, to include an additional specific liability incurred by the trustees of a scheme, when they make an application for compensation from the Fraud Compensation Fund.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, public or voluntary sectors is foreseen.