Regulation K20
1. For the purposes of regulation K20(2) (prescribed persons to whom information may be provided) the persons are—
(a)a person who is or has been an authorised person within the meaning of the Financial Services Act 1986(1) (“the 1986 Act”)(“an authorised person”);
(b)an appointed representative within the meaning of section 44 of the 1986 Act (“an appointed representative”);
(c)a recognised self-regulating organisation within the meaning of the 1986 Act;
(d)a recognised professional body within the meaning of the 1986 Act;
(e)the Securities and Investments Board;
(f)the Investors Compensation Scheme Limited;
(g)a professional indemnity insurer of an authorised person or an appointed representative;
(h)The Chartered Accountants Compensation Scheme Limited;
(i)The Solicitors Indemnity Fund Limited;
(j)A person or body arbitrating or adjudicating in, or investigating or considering, a complaint brought by such an individual as is mentioned in Article 164 of the Pensions Order against an authorised person or an appointed representative;
(k)A person or body appointed to act on behalf of any of the above.
2. For the purposes of regulation K20(3) (persons on whom fees may be imposed) the persons are any person listed in sub-paragraphs (a) to (d) and (f) to (i) of paragraph 1 and any person or body appointed to act on behalf of any of those persons.
3. A restitution payment in relation to an individual shall be an amount equal to the total of:—
(a)the amount that would be necessary to purchase service in the Scheme on the material date equal to the opted out period on the basis of a transfer in from a scheme which is not a club scheme, such amount—
(i)to include the value of any rights under the Pensions (Increase) Act (Northern Ireland) 1971, and
(ii)to be determined by the Committee on such basis as shall be approved from time to time by the Government Actuary, and
(b)the transfer value (if any) previously paid out of the Scheme under regulation K2, or the corresponding provisions of the former regulations, to the personal pension scheme in respect of the transferred out service increased by interest at a rate approved from time to time by the Government Actuary for that purpose over the period from the date on which such a transfer value was paid out of the Scheme to the date on which it is assumed, for the purpose of calculating the restitution payment, that a transfer value will be paid to the Scheme (“the calculation date”).
4. The amount, if any, calculated by virtue of paragraph 3(b) shall be at least equal to the amount of the cash equivalent transfer value which would be payable by the Scheme in respect of the transferred out service if the Scheme were to pay a cash equivalent transfer value in respect of that service immediately after the calculation date.
5. In this Schedule—
(a)“material date” means the date on which the Committee receives a request to provide the calculation of the restitution payment;
(b)“opted out period” and “transferred out service” have the same meaning as in regulation K17(7).