Regulation 19 Commutation of periodic compensation

England, Wales and Scotland

(1)

The prescribed circumstances for the purposes of paragraph 24(1) of Schedule 7 to the Act (commutation of periodic compensation) are the circumstances F1specified in F2paragraph (2) .

(2)

The circumstances are that a person entitled to periodic compensation under paragraph 5, 8, 11 or 15 of Schedule 7 (pension compensation provisions)—

(a)

must not have exercised an option to commute for a lump sum a portion of the pension in respect of which that person is entitled to periodic compensation; and

(b)

must exercise the option to commute under paragraph 24(1) of Schedule 7 within six months beginning with the date on which—

(i)

the Board gives the trustees or managers of the scheme a transfer notice under section 160(2) of the Act (transfer notice); or

F3(ii)

payment of periodic compensation commences,

whichever is the later.

F4(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Words in reg. 19(1) substituted (6.4.2006) by The Pension Protection Fund (General and Miscellaneous Amendments) Regulations 2006 (S.I. 2006/580), regs. 1(1)(b), 22(3)(a)
F2: Words in reg. 19(1) substituted (6.4.2016) by The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/294), regs. 1, 4(4)(a)
F3: Reg. 19(2)(b)(ii) substituted (30.4.2013) by The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/627), regs. 1(1), 3(8)(a)
F4: Reg. 19(3) omitted (6.4.2016) by virtue of The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/294), regs. 1, 4(4)(b)