Regulation 3 Modification of the 2004 Act

(1)

Paragraph (2) applies in relation to any case specified in section 220(1) of the 2004 Act (pension sharing).

(2)

In a case in relation to which this paragraph applies, Schedule 7 to the 2004 Act (pension compensation provisions) is modified so that it applies as if, after paragraph 2, there were inserted—

“2A

In the case of a person in respect of whose shareable rights under a pension arrangement to which section 31 of the Welfare Reform and Pensions Act 1999 (reduction of benefit) applies, any compensation determined in accordance with this Schedule to which he may be entitled shall be reduced by the appropriate percentage, calculated in accordance with the provisions of that section, including revaluation of the pension debit in accordance with the admissible rules of the scheme.

2B

In paragraph (2A)—

“pension arrangement” has the meaning given by section 46(1) of the Welfare Reform and Pensions Act 1999;

“shareable rights” has the meaning given by section 27 of that Act, as modified by the Pension Protection Fund (Pension Sharing) Regulations 2006.”.