SCHEDULES
SCHEDULE 5Pension compensation payable on discharge of pension compensation credit
Part 2Transferee attains pension compensation age before or on transfer day
4Compensation payable to transferee
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).