SCHEDULES

SCHEDULE 4PENSION COMPENSATION PAYABLE ON DISCHARGE OF PENSION COMPENSATION CREDIT

PART 2TRANSFEREE ATTAINS PENSION COMPENSATION AGE BEFORE OR ON TRANSFER DAY

Compensation payable to transferee

4

1

Compensation is payable in accordance with this paragraph where the transferee attains pension compensation age before or on the transfer day.

2

The transferee is entitled to periodic compensation commencing on the transfer day and continuing for life.

3

The annual rate of the periodic compensation is the aggregate of—

a

the initial annual rate of compensation, and

b

any increases under paragraph 17 (annual increases in periodic compensation).

4

This paragraph is subject to paragraph 18 (compensation cap).