SCHEDULES
SCHEDULE 6PENSION COMPENSATION PROVISIONS
Pension benefits postponed at assessment date
7
1
Compensation is payable in accordance with this paragraph where immediately before the assessment date—
a
a person is entitled to present payment of a lump sum under the admissible rules of the scheme (“the scheme lump sum”),
b
payment of that lump sum is postponed, and
c
he has attained normal pension age in relation to the lump sum.
2
That person is entitled to compensation in the form of a lump sum of an amount equal to 100% of the amount of the scheme lump sum which would have been payable had the postponement ceased immediately before the assessment date.
3
The compensation is payable at the assessment date.
4
Where the scheme lump sum is attributable (directly or indirectly) to a pension credit, the reference in sub-paragraph (1)(c) to “normal pension age” is to be read as a reference to “normal benefit age”.
5
This paragraph does not apply in relation to a lump sum to which a person is entitled by reason of commuting any part of a pension under the scheme.
6
This paragraph is subject to paragraph 30 (power of Department to change percentage rates by order).