The Pension Protection Fund (General and Miscellaneous Amendments) Regulations 2006

[F1Power to treat benefits as having become payable before the assessment dateE+W+S

This section has no associated Explanatory Memorandum

3.—(1) Where this regulation applies, the benefits referred to in paragraph (3) are treated, for the purposes of section 163(2) of the Act (adjustments to be made where the Board assumes responsibility for a scheme), as having become payable before the assessment date.

(2) This regulation applies where—

(a)a member of an eligible scheme died before the commencement of the assessment period in relation to the scheme; and

(b)during the period mentioned in section 163(2)(a) of the Act, a person became entitled under the scheme rules to a benefit referred to in paragraph (3) in respect of that member.

(3) The benefits referred to in this paragraph are—

(a)a death benefit which is calculated and paid by the trustees or managers of the eligible scheme on or after the assessment date but before the date the trustees or managers receive the transfer notice in respect of that scheme; and

(b)a contribution refund within the meaning of section 101AB(4) of the 1993 Act (right to cash transfer sum and contribution refund).]

Textual Amendments