18 Financial assistance scheme: increased levels of payments
Pensions Act 2007 (2007 c 22) | Legislation

Financial assistance scheme

18  Financial assistance scheme: increased levels of payments

(1)     Section 286 of the Pensions Act 2004 (c 35) (financial assistance scheme for members of certain pension schemes) is amended as follows.

(2)     After subsection (1) insert—

“(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.”

(3)     In subsection (2), before the definition of “qualifying member” insert—

““actual pension” and “expected pension”, in relation to

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Motor claims in the Portal—a practical guide (Stage 1)

Motor claims in the Portal—a practical guide (Stage 1)The Pre-Action Protocol for Low Value Personal Injury Claims in Road Traffic Accidents—30 April 2013 onwardsSTOP PRESS: A new RTA small claims protocol for whiplash claims comes into effect for accidents occurring on or after 31 May 2021. The

LEXISNEXIS

Common law offence of false imprisonment

Common law offence of false imprisonmentThe offence of false imprisonmentFalse imprisonment is a common law offence but it is more common as a civil action in tort (see Practice Note: False imprisonment).It is triable only on indictment. It may be classified in class 2A, 2B or 3 in accordance with

LEXISNEXIS

Subrogation in insurance and reinsurance

Subrogation in insurance and reinsuranceWhat is the right of subrogation?In the context of insurance and reinsurance, the right of subrogation entitles an insurer or reinsurer, having indemnified the (re)insured, to ‘step into its shoes’ to bring an action in the (re)insured’s name. For the purpose

LEXISNEXIS

CPR Part 8 claims (alternative procedure for claims)

CPR Part 8 claims (alternative procedure for claims)This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further