4A.—(1) The Board must pay 90% of the rights described in paragraph (2) in the circumstances prescribed in paragraph (3).
(2) The rights are—
(a)any transfer payment; and
(b)any payment in respect of a refund of contributions,
to which a member of the scheme was entitled immediately before the commencement of the assessment period.
(3) The circumstances are that—
(a)the Board assumes responsibility for a scheme in accordance with Chapter 3 of Part 2 of the Act;
(b)the circumstances and conditions prescribed in—
(i) regulation 16(1) of the Entry Rules Regulations (restrictions on winding up, discharge of liabilities etc ); or
(ii)regulation 2 of the Pension Protection Fund (Hybrid Schemes) (Modification) Regulations 2005 (discharge of liabilities in respect of money purchase benefits during the assessment period),
were met in respect of the rights;
(c)the rights remained unpaid at the time the transfer notice was received by the trustees or managers of the scheme; and
(d)the member sends the Board a written request to make a payment in respect of the rights.]
Textual Amendments
F1Reg. 4A inserted (1.4.2009) by Pension Protection Fund (Miscellaneous Amendments) Regulations 2009 (S.I. 2009/451), regs. 1, 5(5)