286 Financial assistance scheme for members of certain pension schemes
Pensions Act 2004 (2004 c 35) | Legislation

Part 6 Financial Assistance Scheme for Members of Certain Pension Schemes

286  Financial assistance scheme for members of certain pension schemes

(1)     The Secretary of State must make provision, by regulations, for a scheme for making payments to, or in respect of, qualifying members of qualifying pension schemes (“the financial assistance scheme”).

[(1A)     The Secretary of State must, in particular, make provision for securing that (subject to any relevant restriction) the aggregate amount of—

(a)     any annual payment payable to a qualifying member of such a scheme, and

(b)     the member's actual pension (if any),

is not less than 80% of the member's expected pension, irrespective of the date of his attaining normal retirement age (or the date when he would have attained that age if he dies before attaining it).

(1B)     A “relevant restriction” means any provision of the regulations which—

(a)     operates to restrict the amount of an annual payment by means of a cap on the product of the calculation of a specified fraction of the member's expected pension, or

(b)     provides for an annual payment not to be payable where the member's actual pension exceeds any specified amount.]

[(1C)     Regulations under subsection (1) may prescribe

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