SCHEDULES
C1SCHEDULE 5Pension compensation payable on discharge of pension compensation credit
Part 1Introductory
Pension compensation age
3
1
This paragraph applies for the purpose of determining the transferee's “pension compensation age”.
2
Sub-paragraphs (3) and (4) apply where the transferor's PPF compensation, or any of it, is determined under Schedule 7 to the Pensions Act 2004 (c. 35).
3
Where the transferor's right to PPF compensation arises by virtue of his or her status as a member of a pension scheme for which the Board assumed responsibility in accordance with Chapter 3 of Part 2 of that Act, the transferee's pension compensation age is the same as—
a
the normal pension age of the transferor, or
b
where the transferor was a pension credit member, the normal benefit age of the transferor.
4
Where the transferor's right to PPF compensation arises by virtue of his or her status as a person connected with a member of a scheme for which the Board assumed responsibility in accordance with Chapter 3 of Part 2 of that Act, the transferee's pension compensation age is the same as—
a
the normal pension age of that member, or
b
where that member was a pension credit member, the normal benefit age of that member.
5
Sub-paragraph (6) applies where the transferor's PPF compensation is determined only under this Schedule.
6
The transferee's pension compensation age is the same as the pension compensation age of the transferor.
7
In this paragraph, “normal benefit age”, “normal pension age” and “pension credit member” have the same meanings as in Schedule 7 to the Pensions Act 2004.
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