Paragraph 19 F1
Northern Ireland
Compensation is payable in accordance with this paragraph where, under the admissible rules of the scheme, a deferred member has not attained normal pension age in respect of his rights to a lump sum under the scheme ( “the scheme lump sum”) before the assessment date.
If the deferred member survives to attain normal pension age in respect of the scheme lump sum, he is entitled to compensation under this paragraph on attaining that age.
The compensation is a lump sum equal to 90% of F3the aggregate of—
the protected amount, and
if the payment of compensation under this paragraph has been postponed for any period by virtue of paragraph 25A, the amount of the actuarial increase under that paragraph.
In sub-paragraph (3) “the protected amount” means the aggregate of—
the accrued amount,
the revaluation amount for the first revaluation period, and
the revaluation amount for the second revaluation period.
In sub-paragraph (4) “the accrued amount” means an amount equal to the amount of the scheme lump sum to which the deferred member would have been entitled in accordance with the admissible rules had normal pension age been the actual age attained by the deferred member when the pensionable service relating to the lump sum ended.
Paragraphs 16 and 17 apply in relation to this paragraph as if in those paragraphs—
references to the pension were to the scheme lump sum, and
“the deferred member” and “the accrued amount” had the same meaning as in this paragraph.
This paragraph does not apply in relation to a lump sum to which a person is entitled by reason of commuting any part of a pension under the scheme.
Annotations
Textual amendments
- F1
mod. by SR 2005/130
- F2
mod. by SR 2005/149
- F3
Words in Sch. 6 para. 19(3) substituted (27.3.2013) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 23(8); S.R. 2013/83, art. 2(b)(ii)
- F4
mod. by SR 2005/171
- F5
Sch. 6 para. 19(8)(zza) inserted (31.12.2023) by The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 3(10)(a)
- F6
Sch. 6 para. 19(8)(za) inserted (1.4.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 100, 118(1), Sch. 6 para. 9; S.R. 2009/147, art. 2(a)(i)(b)
- F7
Sch. 6 para. 19(8)(a) omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 3(10)(b)
Notes on Schedule 6
Textual amendments
- F1
mod. by SR 2005/171
Modifications
- C1
Sch. 6 modified (1.8.2006) by Pension Protection Fund (Pension Sharing) Regulations (Northern Ireland) 2006 (S.R. 2006/282), reg. 3(2)
- C2
Sch. 6 modified by S.R. 2005/149, reg. 13A (as inserted (1.4.2009) by Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2009 (S.R. 2009/78), reg. 4)
- C3
Sch. 6 modified by S.R. 2005/149, reg. 024(02) (as added (6.4.2010) by The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2010 (S.R. 2010/80), regs. 1(b), 4(4))
- C4
Sch. 6 modified by S.R. 2005/149, reg. 23(2) (as substituted (24.7.2014) by The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/204), regs. 1(1), 59(4)(c))
- C5
Sch. 6 modified by S.R. 2005/149 reg. 27(2) (as added (24.2.2018) by The Pension Protection Fund (Compensation) (Amendment) Regulations (Northern Ireland) 2018 (S.R. 2018/26), regs. 1, 2(6))
- C6
Sch. 6 modified by S.R. 2005/149 reg. 28(1) (as added (2.10.2018) by The Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations (Northern Ireland) 2018 (S.R. 2018/165), regs. 1(2), 2(3))