SCHEDULE 7 Pension Compensation Provisions
Pensions Act 2004 (2004 c 35) | Legislation

SCHEDULE 7 Pension Compensation Provisions

Section 162

Introductory

1

This Schedule applies for the purposes of determining the compensation payable where the Board assumes responsibility for an eligible scheme (“the schemeâ€) in accordance with this Chapter.

2

In this Schedule references to “the assessment date†are to the date on which the assessment period in relation to the scheme, or (where there has been more than one such assessment period) the last one, began.

Pensions in payment at assessment date

3

(1)     Compensation is payable in accordance with this paragraph where, immediately before the assessment date, a person is entitled to present payment of a pension under the admissible rules of the scheme.

(2)     That person (“the pensionerâ€) is entitled to periodic compensation in respect of that pension (“the pensionâ€) commencing at the assessment date and continuing for life or, in a case to which sub-paragraph (8) applies, until such time as entitlement to the pension would have ceased under the admissible rules.

(3)     The annual rate of the periodic compensation is the appropriate percentage of the aggregate of—

(a)     the protected pension rate, and

(b)     any increases under paragraph 28 (annual increases in periodic compensation).

(4)

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