PART VIOCCUPATIONAL AND PERSONAL PENSION SCHEMES: MISCELLANEOUS PROVISIONS
Pension compensation
Amendments relating to the Pensions Compensation Board254
1
The 1995 Order is amended as follows.
2
In Article 78 (review of decisions of the Pensions Compensation Board) after paragraph (2) insert—
2A
The Compensation Board may also review such a determination without an application being made.
3
In Article 79 (cases where compensation provisions apply), omit paragraphs (1)(d), (2A) and (7).
4
In Article 81 (amount of compensation) for paragraphs (3) and (4) substitute—
3
The amount of the payment, or (if there is more than one) the aggregate, must not exceed the aggregate of—
a
the amount (if any) by which the shortfall at the application date exceeds the recoveries of value made between the application date and the settlement date, and
b
interest at the prescribed rate for the prescribed period on the amount of that excess (if any).