K17.—(1) This regulation applies to a person who, during any period—
(a)was eligible to be a member of the Scheme;
(b)opted out of, or chose not to become a member of, the Scheme and instead was a member of a personal pension scheme or made contributions to a personal pension arrangement; and
(c)has suffered loss as a result of a contravention which is actionable under section 62 of the Financial Services Act 1986(1) (actions for damages in respect of contravention of rules etc. made under the Act).
(2) Where, at any time after 8th April 1997, a person to whom this regulation applies—
(a)dies when still a member, or
(b)becomes entitled to benefits under Part D,
before the transfer payment referred to in paragraph (3) has been paid to the fund in respect of him, paragraphs (3) and (4) shall continue to apply in the case of that person.
(3) Paragraph (4) shall apply where—
(a)a transfer value in relation to a person to whom this regulation applies has been calculated in a manner consistent with the methods adopted and assumptions made by the Committee in determining a restitution payment; and
(b)the Committee is satisfied that—
(i)the transfer value is adequate to restore the position in relation to that person to what it would have been if the person had been a member of the Scheme throughout the relevant period, or
(ii)the transfer value represents an amount which will provide such period of service as the Committee may approve in respect of the relevant period.
(4) Where this paragraph applies in relation to a person—
(a)the period mentioned in regulation K15(1)(a) shall be equal to the period which the person would have been entitled to count as his period of membership if he had been a member of the Scheme throughout the relevant period or such shorter period as the Committee may approve; and
(b)the person shall be entitled to count the whole of the relevant period as a period to which Part II of Schedule B1 applies (total period of membership to include former and related membership for some purposes of entitlement etc.).
(5) In the case of a member to whom this regulation applies who has been credited with an additional period of membership calculated as specified in regulation K16 (calculation of period of membership allowed under regulation K15(1)(a): non club schemes), the Committee may adjust the amount of the period of membership or period of total membership referred to in paragraph (4)(a) and (b) on account of the transfer value payment by reference to which that additional period of membership was credited.
(6) Where a transfer payment has been accepted in relation to a woman to whom this regulation applies and in respect of whom a transfer value had been paid previously by the Committee to a personal pension scheme or a personal pension arrangement any part of which transfer value was attributable to membership before 1st April 1972, then the period of membership which may be counted under regulation K15(1) shall be apportioned as membership in the same proportions as it would have been had the woman become or remained a member of the Scheme throughout the relevant period.
(7) In this regulation—
“opted out period” means any period throughout which the person was eligible to be a member of the Scheme but instead was a member of a personal pension scheme or made contributions to a personal pension arrangement,
“personal pension arrangement” means a contract or arrangement referred to in regulation K14(1)(c) or (d),
“relevant period” means the total of the opted out period and, if applicable, any period of transferred out service,
“restitution payment” has the same meaning as in regulation K20(5), and
“transferred out service” means service which the person transferred out of the Scheme to a personal pension scheme by exercising a right to a cash equivalent under regulation K2.