The Pension Protection Fund (Compensation) Regulations 2005

[F1Conditions subject to which periodic and lump sum compensation can be postponedE+W+S

This section has no associated Explanatory Memorandum

2C.—(1) The conditions referred to in regulation 2A(1)(b) and (2)(b) are as follows.

(2) The first condition is that—

(a)where the person elects to postpone periodic compensation in respect of a benefit under the scheme, they must also elect to postpone the payment of any lump sum compensation to which they are entitled in respect of that scheme; or

(b)where the person elects to postpone lump sum compensation in respect of a benefit under the scheme, they must also elect to postpone the payment of any periodic compensation to which they are entitled in respect of that scheme.

[F2(3) The second condition is that the person must not have received or be receiving—

(a)their pension (including any lump sum entitlement) under the scheme;

(b)any periodic compensation in respect of their rights under the scheme; or

(c)any lump sum compensation in respect of their rights under the scheme.]

(4) The third condition is that for each election to postpone periodic compensation or lump sum compensation, the person has sent written notice to the Board—

(a)in accordance with paragraph (5);

(b)that the person wishes to postpone the commencement of periodic compensation or payment of lump sum compensation; and

(c)before the commencement of that periodic compensation or payment of lump sum compensation.

(5) The notice referred to in paragraph (4) must include—

(a)the person’s name, address, date of birth and national insurance number;

(b)the name of the scheme for which the Board has assumed responsibility; and

(c)the date on which the person would like the commencement of periodic compensation or payment of lump sum compensation to cease to be postponed, which must be a date before the person attains the age of 75.]

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