Regulation 17 Commutation of periodic compensationI1

Northern Ireland

(1)

The prescribed circumstances for the purposes of paragraph 24(1) of Schedule 6 (commutation of periodic compensation) are the circumstances specified in F1specified in F2paragraph (2) .

(2)

The circumstances are that a person entitled to periodic compensation under paragraph 5, 8, 11 or 15 of Schedule 6 (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 6 within six months beginning with the date on which –

(i)

the Board gives the trustees or managers of the scheme a transfer notice under Article 144(2) (transfer notice); or

F3(ii)

payment of periodic compensation commences,

whichever is the later.

F4(3)

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

Annotations

Textual amendments

F1: words in reg. 17 substituted (6.4.2006) byThe Pension Protection Fund (General and Miscellaneous Amendments) Regulations (Northern Ireland) 2006 (S.R. 2006/155), regs. 1(1)(b), 22(3)(a)
F2: Words in reg. 17(1) substituted (6.4.2016) by The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2016 (S.R. 2016/165), regs. 1, 4(4)(a)
F3: Words in reg. 17(2)(b)(ii) substituted (30.4.2013) by The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2013 (S.R. 2013/95), regs. 1(2), 7(7)
F4: Reg. 17(3) omitted (6.4.2016) by virtue of The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2016 (S.R. 2016/165), regs. 1, 4(4)(b)

Commencement

I1: Reg. 17 in operation at 6.4.2005, see reg. 1(1)