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Pensions Act (Northern Ireland) 2015

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Pension Protection Fund: compensation cap to apply separately to certain benefitsN.I.

This section has no associated Explanatory Notes

49—(1) Paragraph 26 of Schedule 6 to the 2005 Order (Pension Protection Fund: compensation cap) is amended as follows.

(2) In sub-paragraph (1)(b), for “sub-paragraph (2)(a) or (b)” substitute “ sub-paragraph (2)(a), (b) or (c) ”.

(3) In sub-paragraph (2)(a)(ii), for “paragraph (b)(i) does not apply” substitute “ neither of paragraphs (b) and (c) applies ”.

(4) In sub-paragraph (2)(b)—

(a)before paragraph (i) insert—

(zi)benefit A is attributable to the person's pensionable service,;

(b)in paragraph (i), after “one or more other benefits” insert “ that are attributable to his pensionable service ”.

(5) In sub-paragraph (2), after paragraph (b) insert

, and

(c)this paragraph applies if—

(i)benefit A is attributable to a pension credit from a transferor,

(ii)at the same time as the person becomes entitled to relevant compensation in respect of benefit A he also becomes entitled to relevant compensation in respect of one or more other benefits that are—

(iia)under the scheme or a connected occupational pension scheme, and

(iib)attributable to a pension credit from the same transferor,(“benefit or benefits B”), and

(iii)the aggregate of the annual values of benefit A and benefit or benefits B exceeds the compensation cap..

(6) In sub-paragraph (5), after “sub-paragraph (2)(b)” insert “ or (c) ”.

(7) The amendments made by this section are to be treated as always having had effect.

(8) Regulations under paragraph 26(9) of Schedule 6 to the 2005 Order (modifications for cases where compensation becomes payable on different occasions) made in consequence of this section may be made with retrospective effect.

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