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There are currently no known outstanding effects for the The Financial Assistance Scheme Regulations 2005, Paragraph 1.
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1.—(1) This Schedule applies for the purposes of determining the amount of an annual payment payable to a beneficiary to whom regulation 17(8)(g) to (k) or (16)(b) applies.
(2) Where the scheme manager is satisfied that an amount is owed by the beneficiary to the Secretary of State as a result of the beneficiary owing, before a transfer notice is given, a debt to a qualifying pension scheme to which Part 7 applies, the scheme manager may determine how the annual payment which would otherwise be payable under this Schedule is to be reduced, having regard to the amount owed by the beneficiary and to such other matters as the scheme manager considers relevant.
(3) Sub-paragraph (5) applies where the scheme manager is satisfied that the sum of the interim pension paid to a beneficiary and any payment made under these Regulations in respect of any year in the period determined in accordance with sub-paragraph (4) is higher or lower than the sum of—
(a)the notional pension, or the survivor notional pension, as the case may be; and
(b)any annual increases or proportion of annual increases, which the scheme manager considers could have been paid in respect of that year, taking into account—
(i)the determination under regulation 27(1)(d); and
(ii)the proportion of that year which falls after the 1st January.
(4) For the purposes of sub-paragraph (3), the period is the period from—
(a)the earlier of—
(i)the day on which the beneficiary became entitled to a payment under these Regulations; and
(ii)the day on which the beneficiary became entitled under the scheme rules to a pension or other benefit; or
(b)the day on which the qualifying pension scheme began to be wound up if that is later than the day determined in accordance with paragraph (a),
until the day on which the scheme manager gave a transfer notice to the scheme trustees or managers.
(5) Where this sub-paragraph applies, the scheme manager may—
(a)determine the amount by which the annual payment which would otherwise be payable under this Schedule in respect of the beneficiary is to be reduced, having regard to—
(i)the amount of interim pension which was paid to the beneficiary;
(ii)the amount of the sum of—
(aa)the notional pension or survivor notional pension; and
(bb)any annual increases, or proportion of annual increases, which the scheme manager considers could have been paid;
(iii)the amount of any payments made under these Regulations prior to the scheme manager giving the transfer notice; and
(iv)such other matters as the scheme manager considers relevant; and
(b)where the sum of the interim pension paid and any payments made under these Regulations in respect of any year is lower than the sum of the amounts referred to in sub-paragraph (3)(a) and (b) in respect of that year, make a payment to the beneficiary or, where the beneficiary has died prior to the scheme manager making this determination, to the beneficiary’s estate, having regard to—
(i)the amount of interim pension which was paid to the beneficiary;
(ii)the amount of the sum of—
(aa)the notional pension or survivor notional pension; and
(bb)any annual increases, or proportion of annual increases, which the scheme manager considers could have been paid;
(iii)the amount of any payments made under these Regulations prior to the scheme manager giving the transfer notice; and
(iv)such other matters as the scheme manager considers relevant.
(6) In this Schedule—
“relevant date” means the date from which the notional pension or survivor notional pension could have been payable as determined in accordance with regulation 27(3) and (4); and
“relevant proportion”, in relation to a beneficiary, means the proportion of the notional pension which relates to the beneficiary.
(7) Where—
(a)the beneficiary is a qualifying member to whom regulation 17H applied; and
(b)the scheme manager made a determination in accordance with paragraph 1(2) or (5) of Schedule 7, to reduce the payment under that Schedule by any amount,
the scheme manager shall reduce the amount of the annual payment payable under this Schedule by the same amount.]
Textual Amendments
F1Sch. 4 added (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 18(b), Sch. 2
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