Paragraph 4

England, Wales and Scotland

(1)

Compensation is payable in accordance with this paragraph where the transferee attains pension compensation age before or on the transfer day.

(2)

The transferee is entitled to periodic compensation commencing on the transfer day and continuing for life.

(3)

The annual rate of the periodic compensation is the aggregate of—

(a)

the initial annual rate of compensation, F1...

F2(aa)

if the commencement of periodic compensation under this paragraph has been postponed for any period by virtue of paragraph 16A, the amount of the actuarial increase under that paragraph, and

(b)

any increases under paragraph 17 (annual increases in periodic compensation).

(4)

This paragraph is subject to F3paragraph 16A (postponement of compensation) and paragraph 18 (compensation cap).

Annotations

Textual amendments

F1: Word in Sch. 5 para. 4(3)(a) omitted (13.3.2013) by virtue of Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 31(1)(a); S.I. 2013/585, art. 2(b)(iii)
F2: Sch. 5 para. 4(3)(aa) inserted (13.3.2013) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 31(1)(b); S.I. 2013/585, art. 2(b)(iii)
F3: Words in Sch. 5 para. 4(4) inserted (13.3.2013) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 31(2); S.I. 2013/585, art. 2(b)(iii)

Notes on Schedule 5

Modifications

C1: Sch. 5 applied (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (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