Article 3 Consequential amendment of the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997

(1)

The Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997^f1 shall be amended in accordance with this article.

(2)

In regulation 5 (amount of compensation)—

(a)

in paragraph (2) for “The amount” to “section 83(3)” substitute “The amount or, as the case may be, the aggregate, shall not exceed the aggregate specified in section 83(3)^f2”;

(b)

omit paragraph (5);

(c)

in paragraph (6) for “section 83(3)(a)” substitute “section 83(3)(b)”.

(3)

Omit regulations 3A^f3 (protected liabilities – prescribed class of members), 6(5)(d)^f4 (payments made in anticipation not to exceed the amount of the protected liabilities), 7 (mixed benefit schemes) and 10^f5 (modifications for money purchase schemes).

Annotations

Footnotes

f1: S.I. 1997/665 as amended by S.I. 2001/1218.
f2: Section 83(3) is amended by section 277(4) of the Pensions Act 2004.
f3: Regulation 3A was inserted by S.I. 2001/1218.
f4: Paragraph (5)(d) of regulation 6 was substituted by S.I. 2001/1218.
f5: Regulation 10 was amended by S.I. 2001/1218.