SCHEDULES
C1SCHEDULE 5Pension compensation payable on discharge of pension compensation credit
Part 3Transferee attains pension compensation age after transfer day
Terminal illness lump sum: effect of successful application
15
1
If the Board grants an application for a terminal illness lump sum, the transferee—
a
becomes entitled to a terminal illness lump sum calculated in accordance with this paragraph, and
b
loses the entitlement he or she otherwise would have had on attaining the relevant age to compensation under paragraph 6 in respect of the pension compensation credit.
2
The amount of the terminal illness lump sum is 2 times the amount to which the transferee would have been entitled under paragraph 6 in respect of the pension compensation credit in the year following the granting of the application, if he or she had attained the relevant age on the granting of the application.
3
In this paragraph “the relevant age” has the same meaning as in paragraph 12.
F14
Where on the granting of the application the commencement of a person's periodic compensation under paragraph 6 is postponed by virtue of paragraph 16A, this paragraph applies as if the references to the transferee attaining the relevant age were references to the period of postponement ending.
Sch. 5 applied (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2