The Pension Protection Fund (Pension Compensation Sharing and Attachment on Divorce etc.) Regulations (Northern Ireland) 2011

Notification of discharge of liability N.I.

14.—(1) Where the Board discharges liability in respect of a pension compensation credit in accordance with section 94, it must also supply—

(a) to the transferor—

(i) in a case where the transferor has not attained pension compensation age before or on the transfer day, the information specified in paragraphs (2) and (3), or

(ii) in a case where the transferor has attained pension compensation age before or on the transfer day, the information specified in paragraphs (2) and (4);

(b) to the transferee—

(i) in a case where the transferee has not attained pension compensation age before or on the transfer day, the information specified in paragraphs (5) and (6), or

(ii) in a case where the transferee has attained pension compensation age before or on the transfer day, the information specified in paragraphs (5) and (7), or

(c) in a case where the transferee has died prior to discharge of liability by the Board, to the personal representative or executor of the transferee, the information specified in paragraphs (5) (with the exception of the information specified in [F1 paragraph (5)(e))] and (8).

(2) The information specified in this paragraph is—

(a) the cash equivalent value as at the valuation day of the transferor’s entitlement to relevant compensation;

(b) the cash equivalent value of the pension compensation debit;

(c) the transfer day;

(d) any charges which may be deducted in accordance with regulation 16 from the transferor’s remaining rights to relevant compensation (if any), and

(e) the cash equivalent value of the transferor’s rights to relevant compensation (if any) immediately after the relevant compensation is reduced in accordance with section 91 and after any deduction in respect of charges owed.

(3) The information specified in this paragraph is the annual rate of PPF compensation which would be payable if the transferor had reached pension compensation age immediately after the relevant compensation is reduced in accordance with section 91 and after the deduction of any charges owed.

(4) The information specified in this paragraph is the annual rate of the PPF compensation which is payable to the transferor—

(a) immediately before, and

(b) immediately after,

the relevant compensation is reduced in accordance with section 91 and any charges owed are deducted.

(5) The information specified in this paragraph is—

(a) the cash equivalent value of the pension compensation credit;

(b) the transfer day;

(c) any charges which may be deducted in accordance with regulation 16 from the transferee’s entitlement to compensation;

(d) the cash equivalent value of the pension compensation credit following the deduction of any charges owed, and

(e) the date at which payment of PPF compensation will commence.

(6) The information specified in this paragraph is an estimate of the annual rate of PPF compensation which is likely to be payable to the transferee on reaching pension compensation age.

(7) The information specified in this paragraph is the annual rate of compensation which is payable to the transferee from the transfer day.

(8) The information specified in this paragraph is the fact that compensation may be payable to a surviving partner, relevant partner or surviving dependant in accordance with Part 6.

Textual Amendments

F1 Words in reg. 14(1)(c) substituted (30.4.2013) by The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2013 (S.R. 2013/95), regs. 1(2), 10(3)

Commencement Information

I1 Reg. 14 in operation at 6.4.2011, see reg. 1(1)