The Pension Protection Fund (Miscellaneous Amendments) Regulations 2009

d

an EEA credit institution; or

e

an EEA insurer.

Modification of Schedule 7 for schemes with no revaluation15A

1

Where, immediately before the assessment date, the admissible rules of the scheme do not provide for any revaluation of the benefits payable to or in respect of any member, Schedule 7 to the Act is modified in its application to that scheme in accordance with this regulation.

2

Paragraph 11 (active members who have not attained normal pension age at assessment date: periodic compensation) applies to that scheme as if for sub-paragraph (4), there were substituted—

4

In sub-paragraph (3) “the protected notional pension” means the accrued amount.

3

Paragraph 14 (active members who have not attained normal pension age at assessment date: lump sum compensation) applies to that scheme as if—

a

for sub-paragraph (4), there were substituted—

4

In sub-paragraph (3) “the protected amount” means the accrued amount.

b

sub-paragraph (8) were omitted.

4

Paragraph 15 (deferred members who have not attained normal pension age at assessment date: periodic compensation) applies to that scheme as if for sub-paragraph (4), there were substituted—

4

In sub-paragraph (3) “the protected pension rate” means the accrued amount.

5

Paragraph 19 (deferred members who have not attained normal pension age at assessment date: lump sum compensation) applies to that scheme as if—

a

for sub-paragraph (4), there were substituted—

4

In sub-paragraph (3) “the protected amount” means the accrued amount.

b

sub-paragraph (6) were omitted.

6

Schedule 7 applies to that scheme as if paragraphs 12, 16, 17 and 21(2)(b) and (f) were omitted.

Power to treat benefits as having become payable before the assessment date3

1

Where this regulation applies, the benefits referred to in paragraph (3) are treated, for the purposes of section 163(2) of the Act (adjustments to be made where the Board assumes responsibility for a scheme), as having become payable before the assessment date.

2

This regulation applies where—

a

a member of an eligible scheme died before the commencement of the assessment period in relation to the scheme; and

b

during the period mentioned in section 163(2)(a) of the Act, a person became entitled under the scheme rules to a benefit referred to in paragraph (3) in respect of that member.

3

The benefits referred to in this paragraph are—

a

a death benefit which is calculated and paid by the trustees or managers of the eligible scheme on or after the assessment date but before the date the trustees or managers receive the transfer notice in respect of that scheme; and

b

a contribution refund within the meaning of section 101AB(4) of the 1993 Act (right to cash transfer sum and contribution refund).

Power to treat benefits as having arisen before the assessment date

Power to pay certain transfer payments and contribution refunds4A

1

The Board must pay 90% of the rights described in paragraph (2) in the circumstances prescribed in paragraph (3).

2

The rights are—

a

any transfer payment; and

b

any payment in respect of a refund of contributions,

to which a member of the scheme was entitled immediately before the commencement of the assessment period.

3

The circumstances are that—

a

the Board assumes responsibility for a scheme in accordance with Chapter 3 of Part 2 of the Act;

b

the circumstances and conditions prescribed in—

i

regulation 16(1) of the Entry Rules Regulations (restrictions on winding up, discharge of liabilities etc)10; or

ii

regulation 2 of the Pension Protection Fund (Hybrid Schemes) (Modification) Regulations 2005 (discharge of liabilities in respect of money purchase benefits during the assessment period)11,

were met in respect of the rights;

c

the rights remained unpaid at the time the transfer notice was received by the trustees or managers of the scheme; and

d

the member sends the Board a written request to make a payment in respect of the rights.