Pensions Act (Northern Ireland) 2015 No. 5

SCHEDULES

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

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

Continue to use the old cap as the basis of assessment

(2) For the purposes of the following, ignore any effect that this Schedule has on the compensation which would be payable if the Board assumed responsibility for the scheme in accordance with Chapter 3 of Part 3 of the 2005 Order—

(a) any provision in which the definition of “protected liabilities” in Article 115 of that Order applies, and

(b) any provision in which the definition of “protected benefits quotation” in Article 135(8) of that Order applies.