{
  "url": "https://openlegislation.uk/pension-protection-fund-pension-compensation-sharing-and-attachment-on-divorce-etc-regulations-2011/regulation-33",
  "json_url": "https://openlegislation.uk/pension-protection-fund-pension-compensation-sharing-and-attachment-on-divorce-etc-regulations-2011/regulation-33.json",
  "legislation": "uksi/2011/731",
  "legislation_title": "The Pension Protection Fund (Pension Compensation Sharing and Attachment on Divorce etc) Regulations 2011",
  "legislation_url": "https://openlegislation.uk/pension-protection-fund-pension-compensation-sharing-and-attachment-on-divorce-etc-regulations-2011",
  "path": "regulation/33",
  "kind": "regulation",
  "number": "33",
  "heading": "Restriction of amount of compensation payable",
  "text": "(1) This regulation applies where, in respect of a pension compensation credit—\n(a) the transferee becomes entitled to payment of compensation under paragraph 4 or 6 of Schedule 5 to the Act; and\n(b) on the transfer day the transferor was not entitled to present payment of relevant compensation.\n(2) Except where regulation 34 applies, where the annual value of the periodic compensation payable to the transferee under paragraph 4 or 6 of Schedule 5 to the Act in respect of that pension compensation credit exceeds the compensation cap, the amount of compensation payable to the transferee is restricted in accordance with paragraph (3).\n(3) Where compensation payable to the transferee is required to be restricted in accordance with this paragraph, the compensation payable is the cap fraction of the amount which would otherwise be payable to the transferee, in respect of that pension compensation credit, under paragraph 4 or 6 of Schedule 5 to the Act.\n(4) The annual value of the periodic compensation payable to the transferee under paragraph 4 or 6 of Schedule 5 to the Act in respect of a pension compensation credit is to be determined in accordance with this paragraph—\n(a) where no portion of the compensation to which the transferee is entitled under the pension compensation credit has been commuted, the annual value of the periodic compensation is the annual value of the compensation to which the transferee is entitled in respect of that credit; or\n(b) where a portion of the compensation to which the transferee is entitled under the pension compensation credit has been commuted, the annual value of the periodic compensation is the amount which would have been the annual value of the periodic compensation in respect of that credit, had a portion not been commuted.\n(5) In this regulation—\n“the cap fraction” means—\nC/V where C is the compensation cap, and V is the annual value of the periodic compensation payable under the pension compensation credit.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/731/regulation/33",
    "retrieved_at": "2026-10-29T02:13:10.532898+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}