8(1)A transfer scheme may provide for a transferor to be entitled to compensation from the Secretary of State, in accordance with provision made by or under the scheme, to the extent that the scheme makes provision—
(a)in preparation for or in connection with the first designation of a person under section 162(1), or
(b)for the purpose of facilitating the carrying on by the ISOP of any of its functions.
(2)Where a transferor is entitled to compensation by virtue of sub-paragraph (1), the amount of compensation is to be the amount—
(a)agreed by the Secretary of State and the transferor, or
(b)in the absence of such agreement, determined by an independent valuer.
(3)For the purposes of sub-paragraph (2) an independent valuer must be appointed—
(a)by the Secretary of State and the transferor, or
(b)in the absence of such agreement, by the Secretary of State on behalf of both the Secretary of State and the transferor.
(4)The Secretary of State may by regulations make provision—
(a)for determining when there is an absence of agreement for the purposes of sub-paragraph (2)(b) or (3)(b);
(b)about the procedure to be followed by an independent valuer in making a determination for the purposes of sub-paragraph (2)(b) (“a compensation determination”);
(c)specifying matters to which an independent valuer must have regard, or assumptions that an independent valuer must apply, in making a compensation determination;
(d)for an independent valuer to require the Secretary of State or the transferor to provide such information to the independent valuer as the independent valuer reasonably requires for the purposes of making a compensation determination;
(e)for an independent valuer’s determination to be binding on the Secretary of State and the transferor for the period specified in or determined under the regulations;
(f)about remuneration and expenses of an independent valuer;
(g)about enforcement of requirements imposed by the regulations.
(5)Regulations under sub-paragraph (4) may confer a discretion on a person.
Commencement Information
I1Sch. 9 para. 8 in force at Royal Assent, see s. 334(2)(h)(ii)