Pensions Act (Northern Ireland) 2015 No. 5

SCHEDULES

Section 48.

SCHEDULE 20 N.I. PENSION PROTECTION FUND: INCREASED COMPENSATION CAP FOR LONG SERVICE

PART 1 N.I. THE NEW COMPENSATION CAP

1  Schedule 6 to the 2005 Order (pension compensation provisions) is amended as follows. N.I.

Commencement Information

I1 Sch. 20 para. 1 in operation at 10.3.2017 for specified purposes by S.R. 2017/44, art. 5(a)

I2 Sch. 20 para. 1 in operation at 6.4.2017 in so far as not already in operation by S.R. 2017/44, art. 5(b)

F1 2  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F1 Sch. 20 para. 2 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

F2 3  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F2 Sch. 20 para. 3 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

4  In paragraph 24(2), at the end insert “ of the periodic compensation at that time ”. N.I.

Commencement Information

I3 Sch. 20 para. 4 in operation at 6.4.2017 by S.R. 2017/44, art. 5(b)

F3 5  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

F3 6  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

F3 7  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

PART 2 N.I. EFFECT OF CHANGE IN TRANSISTIONAL CASES

Recalculation of periodic compensation going forwards N.I.

F3 8  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

New cap does not generally affect old payments N.I.

F3 9  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

Survivors' compensation N.I.

F3 10  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

Cases involving early payment or postponement of compensation N.I.

F3 11  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

Recalculation of terminal illness lump sums given in the past year N.I.

F3 12  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

Meaning of “the pension compensation provisions” in Part 3 of the 2005 Order N.I.

F3 13  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

PART 3 N.I. SCHEMES UNDERGOING ASSESSMENT OR WINDING UP ON THE COMMENCEMENT DATE

Schemes undergoing assessment on the commencement date N.I.

F3 14  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

F3 ... N.I.

F3  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3 ... N.I.

F3  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schemes that begin winding up before the commencement date N.I.

F3 15  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

F3 ... N.I.

F3  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3 ... N.I.

F3  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meaning of “undergoing assessment” N.I.

F3 16  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

Meaning of “eligible scheme” N.I.

F3 17  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

PART 4 N.I. INTERPRETATION AND POWER TO MAKE FURTHER TRANSISTIONAL PROVISION

Interpretation N.I.

F3 18  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

F3 19  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

Further transitional provision N.I.

F3 20  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

F3 21  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)

F3 22  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N.I.

Textual Amendments

F3 Sch. 20 paras. 5-22 omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 6(b)