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Pensions Act 2004

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This is the original version (as it was originally enacted).

Pension compensation

277Amendments relating to the Pensions Compensation Board

(1)The Pensions Act 1995 (c. 26) is amended as follows.

(2)In section 80 (review of decisions of the Pensions Compensation Board)—

(a)after subsection (2) insert—

“(2A)The Compensation Board may also review such a determination without an application being made.”, and

(b)for subsections (4) and (5) substitute—

“(4)Regulations may make provision—

(a)with respect to reviews under this section (or any corresponding provision in force in Northern Ireland);

(b)with respect to applications under subsection (2) (or any corresponding provision in force in Northern Ireland) and the procedure to be adopted on any such application.”

(3)In section 81 (cases where compensation provisions apply), omit subsections (1)(d), (2A) and (7).

(4)In section 83 (amount of compensation) for subsections (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).”

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