{
  "url": "https://openlegislation.uk/pensions-act-2004/schedule-7/paragraph-15",
  "json_url": "https://openlegislation.uk/pensions-act-2004/schedule-7/paragraph-15.json",
  "legislation": "ukpga/2004/35",
  "legislation_title": "Pensions Act 2004",
  "legislation_url": "https://openlegislation.uk/pensions-act-2004",
  "path": "schedule/7/paragraph/15",
  "kind": "paragraph",
  "number": "15",
  "heading": null,
  "text": "(1) Compensation is payable in accordance with this paragraph where, under the admissible rules of the scheme, a person who is a deferred member immediately before the assessment date has not attained normal pension age, in respect of his rights to a pension under the scheme, before that date.\n(2) If that person (“the deferred member”) survives to attain normal pension age in respect of that pension (“the pension”), he is entitled to periodic compensation in respect of the pension commencing at that age and continuing for life.\n(3) The annual rate of the periodic compensation is 90% of the aggregate of—\n(a) the protected pension rate, ...\n(aa) if the commencement of periodic compensation under this paragraph has been postponed for any period by virtue of paragraph 25A, the amount of the actuarial increase under that paragraph, and\n(b) any increases under paragraph 28 (annual increases in periodic compensation).\n(4) In sub-paragraph (3) “the protected pension rate” means the aggregate of—\n(a) the accrued amount,\n(b) the revaluation amount for the first revaluation period (see paragraph 16), and\n(c) the revaluation amount for the second revaluation period (see paragraph 17).\n(5) In sub-paragraph (4) “the accrued amount” means an amount equal to the initial annual rate of the pension to which the deferred member would have been entitled in accordance with the admissible rules had he attained normal pension age when the pensionable service relating to the pension ended.\n(6) This paragraph is subject to—\nparagraph 22A (calculation of compensation on and after 1 January 2024),\nparagraph 24 (commutation),\nparagraph 25E (terminal illness lump sum),\n... and\nparagraph 30 (power of Secretary of State to change percentage rates by order).",
  "extent": "E+W+S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in Sch. 7 para. 15(3)(a) omitted (13.3.2013) by virtue of Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 23(7)(a); S.I. 2013/585, art. 2(b)(ii)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 7 para. 15(3)(aa) inserted (13.3.2013) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 23(7)(b); S.I. 2013/585, art. 2(b)(ii)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Sch. 7 para. 15(6) inserted (coming into force in accordance with reg. 1(b) of the amending S.I.) by The Pensions Act 2004 (Amendment) (Pension Protection Fund Compensation) Regulations 2023 (S.I. 2023/1309), reg. 3(2)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Sch. 7 para. 15(6) inserted (1.4.2009) by Pensions Act 2008 (c. 30), s. 149(1), Sch. 8 para. 7; S.I. 2009/809, art. 2(1)(b)(i)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in Sch. 7 para. 15(6) omitted (coming into force in accordance with reg. 1(b) of the amending S.I.) by virtue of The Pensions Act 2004 (Amendment) (Pension Protection Fund Compensation) Regulations 2023 (S.I. 2023/1309), reg. 3(3)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Sch. 7 modified (6.4.2005) by The Pension Protection Fund (Reviewable Ill Health Pensions) Regulations 2005 (S.I. 2005/652), regs. 1(1), 15"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "Sch. 7 para. 15 modified (6.4.2005) by The Pension Protection Fund (Compensation) Regulations 2005 (S.I. 2005/670), regs. 1(1), 25(2)(b) (with reg. 23(3)) (as amended (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 60(5)(c) (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2)"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "Sch. 7 para. 15 applied (with modifications) (6.4.2005) by The Pension Protection Fund (Reviewable Ill Health Pensions) Regulations 2005 (S.I. 2005/652), regs. 1(1), 12"
    },
    {
      "type": "C",
      "label": "C4",
      "text": "Sch. 7 applied (with modifications) (6.4.2005) by The Pension Protection Fund (Reviewable Ill Health Pensions) Regulations 2005 (S.I. 2005/652), regs. 1(1), 14(2)"
    },
    {
      "type": "C",
      "label": "C5",
      "text": "Sch. 7 modified (6.4.2005) by The Pension Protection Fund (Compensation) Regulations 2005 (S.I. 2005/670), regs. 1(1), 12 (with reg. 23(3))"
    },
    {
      "type": "C",
      "label": "C6",
      "text": "Sch. 7 applied (with modifications) (6.4.2005) by The Pension Protection Fund (Hybrid Schemes) (Modification) Regulations 2005 (S.I. 2005/449), regs. 1(1), 3(2)-(4)"
    },
    {
      "type": "C",
      "label": "C7",
      "text": "Sch. 7 applied (with modifications) (6.4.2005) by The Pension Protection Fund (Reviewable Ill Health Pensions) Regulations 2005 (S.I. 2005/652), regs. 1(1), 13(1)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 7 para. 15 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7"
    }
  ],
  "outstanding_effects": [
    {
      "type": "words inserted",
      "affecting": "ukpga/2008/30",
      "affecting_title": "Pensions Act 2008"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2004/35/schedule/7/paragraph/15",
    "retrieved_at": "2026-10-29T09:16:45.114281+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."
}