The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2009

Amendment of the Pension Protection Fund (Compensation) Regulations

4.  After regulation 13 of the Pension Protection Fund (Compensation) Regulations (Northern Ireland) 2005(1) (manner of determining the revaluation amount) insert—

“Modification of Schedule 6 in relation to schemes with no revaluation

13A.—(1) Where immediately before the assessment date the admissible rules of the scheme do not provide for any revaluation of the benefits payable to or in respect of any member, Schedule 6 shall be modified in its application to that scheme in accordance with this regulation.

(2) Paragraph 11 (active members who have not attained normal pension age at assessment date: periodic compensation) shall apply to that scheme as if for sub-paragraph (4) there were substituted—

“(4) In sub-paragraph (3) “the protected notional pension” means the accrued amount.”.

(3) Paragraph 14 (active members who have not attained normal pension age at assessment date: lump sum compensation) shall apply to that scheme as if—

(a)for sub-paragraph (4) there were substituted—

“(4) In sub-paragraph (3) “the protected amount” means the accrued amount.”, and

(b)sub-paragraph (8) were omitted.

(4) Paragraph 15 (deferred members who have not attained normal pension age at assessment date: periodic compensation) shall apply to that scheme as if for sub-paragraph (4) there were substituted—

“(4) In sub-paragraph (3) “the protected pension rate” means the accrued amount.”.

(5) Paragraph 19 (deferred members who have not attained normal pension age at assessment date: lump sum compensation) shall apply to that scheme as if—

(a)for sub-paragraph (4) there were substituted—

“(4) In sub-paragraph (3) “the protected amount” means the accrued amount.”, and

(b)sub-paragraph (6) were omitted.

(6) Schedule 6 shall apply to that scheme as if paragraphs 12, 16, 17 and 21(2)(b) and (f) were omitted.”.