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The Financial Assistance Scheme Regulations 2005

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Regulations 17 and 18(5)

SCHEDULE 2U.K.DETERMINATION OF ANNUAL AND INITIAL PAYMENTS

This schedule has no associated Explanatory Memorandum

IntroductoryU.K.

1.—(1) This Schedule applies for the purposes of determining the amount of an annual payment or of an initial payment payable to or in respect of qualifying members of qualifying pension schemes.

(2) In this Schedule—

[F1“appropriate person” has the meaning given by regulation 2(1) of the FAS Information and Payments Regulations (interpretation);]

F2...

F3...

F4...

F4...

F4...

F5...

“guaranteed minimum pension” has the meaning given in section 8(2) of the 1993 Act;

[F1“relevant information” means any information—

(a)

that is described in any of paragraphs (j) to (l) of the fourth item of the table in paragraph 1(2) of Schedule 1 to the FAS Information and Payments Regulations (information to be provided by appropriate persons);

(b)

that is to be provided by an appropriate person to the scheme manager in accordance with regulation 3(3)(a) of those Regulations; and

(c)

from which the amount of the actual pension or interim pension of a qualifying member, or of a survivor of a qualifying member, may be derived;]

[F6“revalued notional pension” shall be construed in accordance with regulation 17(10).]

F7...

(3) [F8Paragraphs 2 to 5B] are subject to paragraphs 6 to 9.

F9(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Actual pensionU.K.

2.—[F10(1) In this Schedule, “actual pension” means, subject to [F11sub-paragraphs (3) to (4)] and paragraph 2A, the annual rate of annuity which has been, can be or could have been, paid to the beneficiary as at the later of—

(a)the day from which the beneficiary is entitled to an annual payment; or

(b)the day on which the qualifying pension scheme began to be wound up,

as a result of the purchase of an annuity with the assets available to discharge the liability of the scheme to, or in respect of, the qualifying member after that liability has, or had, been determined.]

[F12(1A) For the purposes of sub-paragraph (1), where a transfer notice has been given in respect of a qualifying pension scheme, no assets which are transferred to the Secretary of State shall be treated as being available to discharge the liability in respect of any qualifying member of that scheme from the day on which the transfer notice is given.]

(2) The liability of the scheme to the beneficiary shall be determined for the purposes of sub-paragraph (1)—

(a)in accordance with section 73 of the 1995 Act; or

(b)where that section does not apply, in accordance with the scheme rules.

(3) The annual rate of annuity which [F13has been, can be or could have been] purchased for the beneficiary for the purposes of sub-paragraph (1) [F14or, as the case may be, paragraph 2A, as a result of the purchase of an annuity] with the assets referred to in that sub-paragraph, shall be determined [F15(or, as the case may be, redetermined)]—

[F16(a)where the beneficiary was an active or a deferred member of the qualifying pension scheme [F17on the day before the day on which the qualifying pension scheme began to be wound up], on the basis that the sum which will be, or has been, used to discharge the liability of the scheme to him will only be, or has only been, used to purchase an annuity when the qualifying member attains, or attained, his normal retirement age;]

(b)where the beneficiary is a survivor [F18or surviving dependant] of a member of that scheme, having regard to the annual rate of annuity which will come into payment [F19to that beneficiary on the later of—

(i)the day on which an annuity has been purchased from the assets of the scheme; or

(ii)the day after the day on which that qualifying member died;]

[F20(ba)where the beneficiary is a survivor or surviving dependant, on the basis that any amount (including any lump sum) payable to that beneficiary as a result of the death of the qualifying member being within a period specified in the scheme rules beginning on the day on which the member became entitled to a pension from the scheme or, if later, the day on which the pension was first paid, shall not be taken into account;]

F21(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)on the basis that there has been no commutation of benefits deriving from the scheme [F22after the day on which the scheme began to be wound up].

[F23(3A) Where the scheme manager is satisfied that the amount of interim pension paid to the beneficiary in respect of any previous year or years in which an annual payment was payable to the beneficiary is higher or lower than the annual rate of annuity determined in accordance with this paragraph, the scheme manager may determine how the actual pension is to be calculated for the purposes of determining the annual payment in respect of each year in which an annual payment is payable to the beneficiary, having regard to—

(a)the annual rate of annuity determined in accordance with this paragraph;

(b)the amount of any interim pension which was, or is due to be, paid to the beneficiary; and

(c)such other matters as the scheme manager considers relevant.]

[F24(3B) Sub-paragraph (3D) applies where the scheme manager is satisfied that the sum of interim pension paid to a beneficiary and any payment made under these Regulations in respect of any year in the period determined in accordance with sub-paragraph (3C) is higher or lower than the sum of—

(a)the revalued notional pension or survivor notional pension; and

(b)any annual increases or proportion of annual increases, which the scheme manager considers could have been paid in respect of that year, taking into account—

(i)the determination under regulation 27(1)(d);

(ii)the revaluation amount determined in accordance with regulation 17(11); and

(iii)the proportion of that year which falls after the 1st January.

(3C) For the purposes of sub-paragraph (3B), the period is the period from—

(a)the earlier of—

(i)the day on which the beneficiary became entitled to a payment under these Regulations; and

(ii)the day on which the beneficiary became entitled under the scheme rules to a pension or other benefit; or

(b)the day on which the qualifying pension scheme began to be wound up if that is later than the day determined in accordance with paragraph (a),

until the day on which the scheme manager gave a transfer notice to the scheme trustees or managers.

(3D) Where this sub-paragraph applies, the scheme manager may—

(a)determine how the actual pension is to be calculated, having regard to—

(i)the amount of interim pension which was paid to the beneficiary;

(ii)the amount of the sum of—

(aa)the revalued notional pension or survivor notional pension; and

(bb)any annual increases, or proportion of annual increases, which the scheme manager considers could have been paid;

(iii)the amount of any payments made under these Regulations prior to the day on which the transfer notice is given; and

(iv)such other matters as the scheme manager considers relevant; and

(b)where the sum of the interim pension paid and any payments made under these Regulations in respect of any year is lower than the sum of the amounts referred to in sub-paragraph (3B)(a) and (b), make a payment to the beneficiary or, where the beneficiary has died prior to the scheme manager making this determination, to the beneficiary’s estate, having regard to—

(i)the amount of interim pension which was paid to the beneficiary;

(ii)the amount of the sum of—

(aa)the revalued notional pension or survivor notional pension; and

(bb)any annual increases, or proportion of annual increases, which the scheme manager considers could have been paid;

(iii)the amount of any payments made under these Regulations prior to the scheme manager giving the transfer notice; and

(iv)such other matters as the scheme manager considers relevant.

(3E) Where the scheme manager is satisfied that an amount is owed by the beneficiary to the Secretary of State as a result of the beneficiary owing, before the day on which a transfer notice is given, an amount to a qualifying pension scheme to which Part 7 applies, the scheme manager may determine how the actual pension is to be calculated, having regard to the amount owed by the beneficiary and to such other matters as the scheme manager considers relevant.

(3F) Where the beneficiary is a qualifying member who has received a payment in accordance with regulation 17H (payments to qualifying members receiving a pension from the qualifying pension scheme before entitlement to an annual payment or ill health payment), or the survivor or surviving dependant of such a qualifying member, the scheme manager may determine how the actual pension is to be calculated, having regard to—

(a)the amount paid under regulation 17H;

(b)any interim pension paid by the scheme from the day on which the scheme began to be wound up until the day on which a transfer notice was given; and

(c)such other matters as the scheme manager considers relevant.

(3G) Where the beneficiary is a qualifying member to whom regulation 17D applies or a survivor or surviving dependant of such a qualifying member, the scheme manager may determine how the actual pension is to be calculated, having regard to any lump sum paid and determined in accordance with that regulation.

(3H) Where the beneficiary is—

(a)a qualifying member to whom regulation 17H applied whose payment under Schedule 7 had been reduced under paragraph 1(2) or (5) of that Schedule; or

(b)a beneficiary who was entitled to an annual payment determined in accordance with Schedule 4 whose payment under that Schedule has been reduced under paragraph 1(2) or (5),

the scheme manager shall include the amount by which the payment has been reduced when determining the actual pension.

(3I) Sub-paragraph (3J) applies where—

(a)a qualifying member to whom Part 7 applies has received a payment from the scheme before becoming entitled to an annual payment;

(b)a transfer notice has been given in respect of the qualifying pension scheme; and

(c)the qualifying member became entitled to an annual payment prior to the day on which the transfer notice was given.

(3J) Where this sub-paragraph applies, the scheme manager may determine how the actual pension is to be calculated, having regard to—

(a)any interim pension paid by the scheme from the day on which the scheme began to be wound up until the day on which the transfer notice was given; and

(b)such other matters as the scheme manager considers relevant.

(3K) Where—

(a)the beneficiary is a qualifying member or the survivor or surviving dependant of a qualifying member to whom part 7 applies;

(b)the qualifying member has commuted for a lump sum a portion of the benefits deriving from the scheme after the day on which the scheme began to be wound up; and

(c)a transfer notice has been given in respect of the scheme,

the scheme manager may determine how the actual pension is to be calculated having regard to any lump sum paid as a result of the commutation.]

(4) Where the scheme manager is satisfied that it is not possible for him to determine the annual rate of annuity for the purposes of sub-paragraph (1) having regard to the information [F25available to it and to such other matters as the scheme manager considers appropriate], [F26it] shall determine the annual rate of annuity on the basis of the sum which would discharge the liability of the scheme to the beneficiary [F27and of such other matters] as [F26it] considers relevant.

[F28(5) Where the scheme manager is satisfied that increases have been, are being, or will be made to the annual rate of annuity, and [F26it] considers that those increases are not reasonable, [F26it] may determine the annual rate of annuity on the basis of the sum which would discharge the liability of the scheme to the beneficiary and of such other matters as [F26it] considers relevant.]

Textual Amendments

[F29Annual redeterminationU.K.

2A.—(1) This paragraph applies where—

(a)on the first indexation date following the date on which the beneficiary first became entitled to an annual payment; and

(b)on any indexation date following that first indexation date;

the annual rate of annuity which has been or could have been paid to the beneficiary as at that indexation date as a result of the purchase of an annuity with the assets available to discharge the liability of the scheme to, or in respect of, the qualifying member after that liability has or had been determined, is higher as a result of indexation or revaluation than the annual rate determined in accordance with paragraph 2.

(2) Where this paragraph applies, the scheme manager shall redetermine the annual payment payable to that beneficiary with effect from the indexation date.

(3) When redetermining an annual payment under sub-paragraph (2), the actual pension for the purposes of paragraph 3(2) or 4(2) shall be the annual rate of annuity which has been or could have been paid to the beneficiary as at the indexation date as a result of the purchase of an annuity with the assets available to discharge the liability of the scheme to, or in respect of, the qualifying member after that liability has or had been determined, on the basis of, and having regard to, the matters referred to in paragraph 2(3).

(4) In any case where the scheme manager is satisfied, having regard to the information available to it, that it is not possible for it to determine the annual rate of annuity for the purposes of this paragraph, it shall determine that annual rate having regard to such matters as it considers relevant.

(5) Where the scheme manager is satisfied that increases have been, are being, or will be made to the annual rate of annuity, and it considers that those increases are not reasonable, it may determine the annual rate of annuity for the purposes of this paragraph on the basis of the sum which would discharge the liability of the scheme to the beneficiary and of such other matters as it considers relevant.]

Textual Amendments

Qualifying members receiving pensions from the qualifying pension schemeU.K.

[F303.—(1) This paragraph applies to—

(a)a member or former member of a qualifying scheme who—

(i)is a qualifying member under regulation 15(1), and

(ii)was entitled to present payment of a pension under the scheme rules [F31on the day before the day on which the qualifying pension scheme began to be wound up]; and

(b)a person who is regarded as a qualifying member under regulation 15(5).]

[F32(2) The annual payment payable to a qualifying member to whom this paragraph applies shall be—

F33 .]

[F34(3) Subject to sub-paragraphs (4) and (5) and paragraphs 4A and 4B, in this paragraph “expected pension” means—

(a)the annual rate of the pension which was or should have been in payment to the qualifying member in accordance with the scheme rules in respect of rights accrued in a qualifying pension scheme as at the day before the day on which the qualifying pension scheme began to be wound up; or

(b)[F35except where paragraph (c) applies,] where the day on which the qualifying pension scheme began to be wound up is earlier than 14 May 2004, the aggregate of—

(i)the annual rate of the pension which was or should have been in payment to the qualifying member in accordance with the scheme rules in respect of rights accrued in a qualifying pension scheme as at the day on which the qualifying pension scheme began to be wound up; and

(ii)the revaluation amount for the period beginning on the day on which the qualifying pension scheme began to be wound up and ending on 14 May 2004][F36; or]

[F36(c)where the qualifying member attains normal retirement age after 14th May 2004, the aggregate of—

(i)the annual rate of pension which was or should have been in payment to the qualifying member in accordance with scheme rules in respect of rights accrued in a qualifying pension scheme as at the day on which the qualifying pension scheme began to be wound up; and

[F37(ii)where the qualifying member attains normal retirement age before 31st March 2011, the revaluation amount for the period beginning on the day on which the qualifying pension scheme began to be wound up and ending on the day on which the qualifying member attains normal retirement age; and

(iii)where the qualifying member attains normal retirement age on or after 31st March 2011, the sum of—

(aa)the revaluation amount for the period beginning on the day on which the qualifying pension scheme began to be wound up and ending on 30th March 2011; and

(bb)the revaluation amount for the period beginning on 31st March 2011 and ending on the day on which the qualifying member attains normal retirement age.]]

[F34(3A) In sub-paragraph (3)(b)(ii) F38..., the revaluation amount is—

(a)where that period is less than one month, nil; or

(b)in any other case, the revaluation percentage of the amount of the annual rate of pension under sub-paragraph (3)(b)(i) F39....

[F40(3AA) In sub-paragraph (3)(c)(ii) and (iii), the revaluation amount is—

(a)where the period—

(i)determined in accordance with sub-paragraph (3)(c)(ii), where it applies; or

(ii)covered by the periods determined in accordance with paragraphs (aa) and (bb) of sub-paragraph (3)(c)(iii), where that sub-paragraph applies,

is less than one month, nil; or

(b)in any other case, the revaluation percentage of the amount of the annual rate of pension under sub-paragraph (3)(c)(i).]

(3B) In [F41sub-paragraphs (3A) and (3AA)], “the revaluation percentage” means the lesser of—

(a)the percentage increase in the general level of prices F42... during the revaluation period determined in accordance with sub-paragraph (3)(b)(ii) [F43or (c)(ii) or (iii)]; and

(b)the maximum revaluation rate.

(3C) The method for determining the percentage increase in the general level of prices F42... during the revaluation period determined in accordance with sub-paragraph (3)(b)(ii) is—

(100 x (A/B)) -100

where—

A is the level of the retail prices index for March 2004; and

B is the level of the retail prices index for the month two months before the month during which the relevant qualifying pension scheme began to be wound up.

[F44(3ZD) The method for determining the percentage increase in the general level of prices F42... during the revaluation [F45periods] determined in accordance with sub-paragraph (3)(c)(ii) [F46and (iii)(aa)] is—

where—

A is the level of the retail prices index for the month which falls two months before the month [F47in which the last day of that revaluation period falls]; and

B is the level of the retail prices index for the month which falls two months before the month during which the relevant qualifying pension scheme began to be wound up.]

[F48(3ZDA) The method for determining the percentage increase in the general level of prices during the revaluation period determined in accordance with sub-paragraph (3)(c)(iii)(bb) is—

where—

A is the general level of prices for the month which falls two months before the month during which the qualifying member attains normal retirement age; and

B is the general level of prices for January 2011.]

(3D) In sub-paragraph (3B)(b), “the maximum revaluation rate” in relation to the revaluation period [F49or periods] is—

[F50(a)if the period or periods mentioned in sub-paragraph (3)(c) together form a period of 12 months, 5%; or]

(b)in any other case, the percentage that would be the percentage mentioned in sub-paragraph (3B)(a) had the general level of prices F42... increased at the rate of 5% compound per annum during [F51those periods].]

[F52(4) Where the scheme manager is satisfied that it is not possible for [F53it] to determine the annual rate of the pension for the purposes of sub-paragraph (3) having regard to all the information available to [F53it], [F54it] shall determine that annual rate, having regard to such matters as [F54it] considers relevant.]

[F55(5) Where—

(a)the annual rate of the pension determined for the purposes of calculating the expected pension under sub-paragraph (2) includes an amount which, under the rules of the qualifying pension scheme, was payable for a period which is shorter than the period in respect of which the remainder of the pension was payable; and

(b)the liabilities of the scheme in respect of the beneficiary have been discharged (whether by the purchase of an annuity or by other means) in a manner which does not provide for a reduction in the annual rate of an annuity from the date on which the amount referred to in paragraph (a) would have ceased to be payable under the rules of the pension scheme,

the scheme manager shall determine the expected pension having regard to the expected pension which would have been determined in accordance with paragraph 4A if that paragraph had applied and to such other matters as it considers relevant.]

Textual Amendments

F34Sch. 2 para. 3(3)-(3D) substituted for Sch. 2 para. 3(3) (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 22(b) (with reg. 37)

Active and deferred membersU.K.

4.—(1) This paragraph applies in respect of a qualifying member of a qualifying pension scheme who F56... was an active member or a deferred member of that scheme [F57on the day before the day on which the qualifying pension scheme began to be wound up].

[F58(2) The annual payment payable to a qualifying member to whom this paragraph applies shall be—

F33 .]

(3) In sub-paragraph (2), “expected pension” means, subject to [F59sub-paragraphs (3A)F60... and (4)] [F61and paragraphs 4A and 4B], the aggregate of—

(a)the annual rate of the pension to which the qualifying member would have been entitled in accordance with the scheme rules had he attained his normal retirement age when the pensionable service relating to the pension ended;

(b)the revaluation amount for the first revaluation period (see sub-paragraphs (5) and (6)); F62...

(c)the revaluation amount for the second revaluation period (see [F63sub-paragraphs (7) to (10) and (11)]); [F64and]

[F65(ca)in any case where the day—

(i)on which the qualifying member attains normal retirement age; or

(ii)from which the qualifying member becomes entitled to an annual payment in accordance with regulation 17(2), (3) or (3C) or 17C,

is on or after 31st March 2011, the revaluation amount for the third revaluation period (see sub-paragraphs (10A) and (11)); and]

[F64(d)in any case where 14 May 2004 is later than—

(i)the day on which the qualifying pension scheme began to be wound up; and

(ii)the day on which the qualifying member attained normal retirement age,

the revaluation amount for the [F66fourth] revaluation period (see sub-paragraphs (13) to (13D)).]

[F67(3A) Where—

(a)the annual rate of the pension determined for the purposes of sub-paragraph (3)(a) includes an amount which, under the rules of the qualifying pension scheme, was payable for a period which is shorter than the period in respect of which the remainder of the pension was payable; and

(b)the liabilities of the scheme in respect of the beneficiary have been discharged (whether by the purchase of an annuity or by other means) in a manner which does not provide for a reduction in the annual rate of an annuity from the date on which the amount referred to in paragraph (a) would have ceased to be payable under the rules of the pension scheme,

the scheme manager shall determine the annual rate for the purposes of sub-paragraph (3)(a) having regard to the expected pension which would have been determined in accordance with paragraph 4A if that paragraph had applied and to such other matters as it considers relevant.]

F68(3B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) In any case where the scheme manager is satisfied, having regard to the information available to [F69it], that it is not possible for [F69it] to identify any one of the elements in [F70sub-paragraph (3) or (3A) or paragraph 4B] [F71it] may determine how the annual payment is to be calculated having regard to such matters as [F71it] considers relevant.

[F72(5) The first revaluation period is the period—

(a)beginning on the day on which the qualifying member’s pensionable service ended; and

(b)ending on [F73the day before the day on which the qualifying pension scheme began to be wound up.]

(6) The revaluation amount for the first revaluation period is the amount by which the annual rate of the pension under sub-paragraph (3)(a) would fall to be revalued—

(a)in relation to any guaranteed minimum pension, in accordance with section 16 of the 1993 Act, having regard to the relevant scheme rules; and

(b)in relation to the remainder of the pension, in accordance with Chapter 2 of Part 4 of the 1993 Act [F74or, where scheme rules are more favourable, in accordance with scheme rules].

[F75(7) The second revaluation period is the period—

(a)beginning on the day after the date determined in accordance with sub-paragraph (5)(b); and

(b)ending on—

[F76(i)the day on which the qualifying member attains normal retirement age;]

(ii)the day from which the qualifying member is entitled to an annual payment in accordance with regulation 17(2)[F77, (3) or (3C) or 17C][F78; or]

[F78(iii)30th March 2011,]

whichever is the [F79earliest].]

[F80(7A) The third revaluation period is the period beginning on 31st March 2011 and ending on—

(a)the day on which the qualifying member attains normal retirement age; or

(b)the day from which the qualifying member is entitled to an annual payment in accordance with regulation 17(2), (3) or (3C) or 17C,

whichever is the earlier.]

(8) The revaluation amount for the [F81second and third revaluation periods] is, subject to sub-paragraph (12)—

(a)[F82where the period—

(i)determined in accordance with sub-paragraph (7) where sub-paragraph (3)(ca) does not apply; or

(ii)covered by the second and third revaluation periods where sub-paragraph (3)(ca) applies,

is a period of less than one month, nil; or]

(b)in any other case, the revaluation percentage of the aggregate of the annual rate of the pension under sub-paragraph (3)(a) and the revaluation amount for the first revaluation period under sub-paragraph (6).

(9) In sub-paragraph (8), “the revaluation percentage” means the lesser of—

(a)[F83the percentage increase in the general level of prices during the second revaluation period or, where sub-paragraph (3)(ca) applies, the second and third revaluation periods determined in accordance with sub-paragraphs (7) and (7A) respectively; and]

(b)the maximum revaluation rate.

(10) The method for determining the percentage increase in the general level of prices F84... during the second revaluation period is—

where—

A is the level of the retail prices index for the month which falls two months before the month in which [F85the [F86last day of the revaluation period]] falls;

B is the level of the retail prices index for the month two months before the month during which the relevant qualifying pension scheme began to wind up.

[F87(10A) The method for determining the percentage increase in the general level of prices during the third revaluation period is—

where—

(a)

A is the general level of prices for the month which falls two months before the month in which the day on which the qualifying member is entitled to an annual payment falls; and

(b)

B is the general level of prices for January 2011.]

(11) [F88In sub-paragraph (9)(b), “the maximum revaluation rate” in relation to the second and third revaluation periods is—

(a)5% if either—

(i)sub-paragraph (3)(ca) does not apply and the period referred to in sub-paragraph (c) is a period of 12 months; or

(ii)sub-paragraph (3)(ca) applies and the periods referred to in sub-paragraph (3)(c) and (ca) together form a period of 12 months; or

(b)in any other case, the percentage that would be the percentage mentioned in sub-paragraph (9)(a) had the general level of prices, whether determined in accordance with sub-paragraph (10) or (10A), increased at the rate of 5% compound per annum during those periods.]

(12) In determining the revaluation amount for the second [F89or third] revaluation period in accordance with sub-paragraphs (8) to (11), no revaluation shall be made in respect of any benefits which are not subject to revaluation under the scheme rules.

(13) [F90The [F91fourth] revaluation period is the period—

(a)beginning on the day after the day on which the member attained normal retirement age; and

(b)ending on 14 May 2004.]

[F90(13A) The revaluation amount for the [F92fourth] revaluation period is—

(a)where that period is less than one month, nil; or

(b)in any other case, the revaluation percentage of the aggregate of—

(i)the annual rate of the pension under sub-paragraph (3)(a);

(ii)the revaluation amount for the first revaluation period under sub-paragraph (6); and

(iii)the revaluation amount for the second revaluation period under sub-paragraph (8).

(13B) In sub-paragraph (13A), “the revaluation percentage” means the lesser of—

(a)the percentage increase in the general level of prices F84... during the revaluation period determined in accordance with sub-paragraph (13); and

(b)the maximum revaluation rate.

(13C) The method for determining the percentage increase in the general level of prices F84... during the revaluation period determined in accordance with sub-paragraph (13) is—

(100 x (A/B)) -100

where—

A is the level of the retail prices index for March 2004; and

B is the level of the retail prices index for the month two months before the month in which the qualifying member attained normal retirement age.

(13D) In sub-paragraph (13B)(b), “the maximum revaluation rate” in relation to the revaluation period is—

(a)if that period is a period of 12 months, 5%; or

(b)in any other case, the percentage that would be the percentage mentioned in sub-paragraph (13B)(a) had the general level of prices F84... increased at the rate of 5% compound per annum during that period.]]

Textual Amendments

F90Sch. 2 para. 4(13)-(13D) substituted for Sch. 2 para. 4(13) (10.7.2009) by The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 (S.I. 2009/1851), regs. 1, 23(i) (with reg. 37)

[F93Bridging pensionsU.K.

4A.—(1) This paragraph applies where—

(a)the annual rate of the pension determined for the purposes of calculating the expected pension under paragraph 3(2) or 4(2) includes an amount which, under the scheme rules, was payable for a period which is shorter than the period in respect of which the remainder of the pension was payable; and

[F94(b)either—

(i)an annuity has been purchased for the beneficiary which provides for payment of a pension to the beneficiary at a lower annual rate from the date on which the amount referred to in sub-paragraph (1)(a) would have ceased to be payable under the scheme rules; or

(ii)a notional pension has been determined in respect of the beneficiary which includes an amount in respect of an amount which under scheme rules would be payable for a period which is shorter than the period in respect of which the remainder of the pension would be payable.]

(2) Where this paragraph applies, the scheme manager shall redetermine the annual payment payable to that beneficiary with effect from the date on which the amount referred to in sub-paragraph (1)(a) would have ceased to be payable under the rules of the pension scheme.

(3) When redetermining an annual payment under sub-paragraph (2)—

(a)the annual rate of the pension for the purposes of paragraph 3(3)(a) [F95and (c)] shall be the annual rate of pension which was or should have been in payment to the qualifying member in accordance with the scheme rules in respect of rights accrued in a qualifying pension scheme less the annual amount which was payable for the shorter period referred to in sub-paragraph (1)(a), as at the day which is the day before the day on which the qualifying pension scheme began to be wound up;

(b)the annual rate of the pension for the purposes of paragraph 3(3)(b)(i) shall be the amount which was or should have been in payment to the qualifying member in accordance with the scheme rules in respect of rights accrued in a qualifying pension scheme less the annual amount which was payable for the shorter period referred to in sub-paragraph (1)(a), as at the day on which the qualifying member attained normal retirement age;

(c)the amount specified in paragraph 4(3)(a) shall be the amount determined in accordance with that paragraph less the amount which is the amount which was payable for the shorter period referred to in sub-paragraph (1)(a);

(d)the amount which was payable for the shorter period referred to in sub-paragraph (1)(a) shall be disregarded when determining the revaluation amounts; and

(e)the beneficiary shall be entitled to so much of the total amount of the annual increases determined in accordance with paragraph 9 payable to the beneficiary as at the date referred to in sub-paragraph (2) as are attributable to the amount of expected pension determined in accordance with this paragraph.

(4) In any case where the scheme manager is satisfied, having regard to the information available to it, that it is not possible for it to determine the annual rate of pension for the purposes of sub-paragraph (3)(a) or (b) or any one of the amounts for the purposes of sub-paragraph (3)(c) to (e) it shall determine that annual rate or amount, having regard to such matters as it considers relevant.

(5) In sub-paragraph (3)(d) “the revaluation amounts” means—

(a)the revaluation amount referred to in paragraph 3(3)(b)(ii) [F96and (c)(ii) and (iii)]; and

(b)the revaluation amounts referred to in paragraph 4(3)(b) to (d).

Textual Amendments

Pension payable at an age other than normal retirement ageU.K.

4B.—(1) This paragraph applies where any pension or part of a pension would have been payable to the qualifying member for life without actuarial adjustment under the rules of the qualifying pension scheme (disregarding any rule making special provision as to early payment on the grounds of ill health or otherwise) at an age other than the member’s normal retirement age.

(2) Where this paragraph applies—

(a)paragraphs 3(3) and 4(3) and (3A) shall have effect as if the amount of pension or part of a pension payable at the age other than the member’s normal retirement age were a separate pension;

(b)paragraph 4(3)(a) shall have effect as if the reference to normal retirement age were a reference to the age at which the pension or part of a pension would be payable to the qualifying member without actuarial reduction under the rules of the qualifying pension scheme (disregarding any rule making special provision as to early payment on the grounds of ill health or otherwise); and

(c)“expected pension” in paragraphs 3(2) and 4(2) means, subject to paragraph 4(4), the aggregate of the amounts calculated as the expected pension in accordance with paragraphs 3 and 4 in relation to any pension treated as a separate pension in accordance with paragraph (a).

(3) An actuarial factor, determined having regard to such matters as the person determining the factor considers relevant, shall be applied to any amount determined in accordance with sub-paragraph (2)(a).]

Textual Amendments

Survivors of qualifying membersU.K.

5.—[F97(1) This paragraph applies where—

(a)immediately before a qualifying pension scheme began to wind up, a qualifying member—

(i)was entitled to present payment of a pension under the scheme rules and that pension was attributable—

(aa)to the member’s pensionable service; or

(bb)(directly or indirectly) to a pension credit to which the member became entitled under section 29(1)(b) of the Welfare Reform and Pensions Act 1999 (creation of pension debits and credits); or

(ii)was an active member or a deferred member of that scheme;

(b)that member dies on or after the day on which the scheme began to wind up; and

(c)that member—

(i)was entitled to an annual payment F98..., or

(ii)would have been entitled to such an annual payment had he not died before he became so entitled.]

(2) The annual payment payable to the survivor of a qualifying member to whom this paragraph applies shall be determined in accordance with [F99sub-paragraph (3) or (6A)].

[F100(3) Except where sub-paragraph (6A) applies, the annual payment payable to a survivor shall be—]F101

(4) In sub-paragraph (3), “expected pension” shall, subject to sub-paragraph (5), be determined—

(a)where the qualifying member was entitled to present payment of a pension under the scheme rules [F102on the day before the day on which the qualifying pension scheme began to be wound up] in accordance with paragraph 3(3); or

(b)where the qualifying member was an active member or a deferred member of a qualifying pension scheme [F102on the day before the day on which the qualifying pension scheme began to be wound up] in accordance with [F103sub-paragraph (7)].

(5) In any case where the scheme manager is satisfied that it is not possible for [F104it] to identify either or both elements of the formula in sub-paragraph (3), [F105it] may determine how the annual payment is to be calculated having regard to the scheme rules and such other matters as [F105it] considers relevant.

F106(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F107(6A) Where the qualifying member was a party to a polygamous marriage, the annual payment payable to each survivor shall be—

(6B) In this paragraph—

“A” means the actual pension;

“B” means the sum of the actual pensions of all the survivors of that qualifying member;

“E” means one half of the product of 0.9 multiplied by the expected pension which would be determined in accordance with sub-paragraph (3) if sub-paragraph (6A) did not apply;

[F108“H” means the aggregate of—

(a)

one half of the amount of any annual increases determined in accordance with paragraph 9 to which the qualifying member was entitled on the day on which the qualifying member died; and

(b)

where sub-paragraph (6C) applies, the total amount of annual increases determined in accordance with paragraph 9 to which any survivor was entitled on the day on which the survivor died.]

“N” means the number of survivors of that qualifying member.

(6C) Where a survivor of a qualifying member who was a party to a polygamous marriage dies, the annual payment payable to each survivor of that qualifying member shall be redetermined with effect from the day after the day on which the survivor died.]

[F109(7) For the purposes of sub-paragraph (4)(b), “expected pension” means the aggregate amount of—

(a)the amount specified in paragraph 4(3)(a);

(b)the revaluation amount for the first survivor revaluation period (see sub-paragraphs (8) and (9)); F110...

(c)the revaluation amount for the second survivor revaluation period (see sub-paragraphs (10) and (11)); F111...

[F112(ca)in any case where—

(i)the day from which the qualifying member became entitled to an annual payment; or

(ii)the day from which the survivor of the qualifying member became entitled to an annual payment,

is on or after 31st March 2011, the revaluation amount for the third survivor revaluation period (see sub-paragraphs (10A) and (11)); and]

[F113(d)in any case where—

(i)14th May 2004 is later than—

(aa)the day on which the qualifying member died; and

(bb)the day on which the qualifying pension scheme began to be wound up; or

(ii)the qualifying member attained normal retirement age before 14th May 2004 but died on or after 14th May 2004,

the revaluation amount for the [F114fourth] survivor [F115revaluation] period (see sub-paragraphs (12) and (13)).]

(8) The first survivor revaluation period is the period—

(a)beginning on the day on which the qualifying member’s pensionable service ended; and

(b)ending on—

(i)the day before the day on which the scheme began to wind up;

(ii)the day from which the qualifying member became entitled to an annual payment in accordance with regulation 17(2)[F116, (3) or (3C) or 17C]; or

(iii)the day from which the survivor of the qualifying member became entitled to an annual payment under regulation 17(4),

whichever is the earliest.

(9) The revaluation amount for the first survivor revaluation period is the revaluation amount determined in accordance with paragraph 4(6).

(10) The second survivor revaluation period is the period—

(a)beginning on the day after the date determined in accordance with sub-paragraph (8)(b); and

[F117(b)ending on—

(i)[F118the earliest of—

(aa)the day from which the qualifying member became entitled to an annual payment;

(bb)the day from which the survivor of the qualifying member became entitled to an annual payment; or

(cc)31st March 2011; or]

(ii)in any case where 14 May 2004 is later than—

(aa)the day on which the qualifying member died; and

(bb)the day on which the qualifying pension scheme began to be wound up,

the day on which the qualifying member died.]

[F119(10A) The third survivor revaluation period is the period beginning on 31st March 2011 and ending on the earlier of—

(a)the day from which the qualifying member became entitled to an annual payment; and

(b)the day from which the survivor of the qualifying member became entitled to an annual payment.]

[F120(11) The revaluation amounts for the second and third survivor revaluation periods are the revaluation amounts determined in accordance with paragraph 4(8) to (12).]]

[F121(12) The [F122fourth] survivor revaluation period is the period—

(a)beginning on [F123the day after the day determined in accordance with sub-paragraph (10)(b)]; and

(b)ending on 14 May 2004.

(13) The revaluation amount for the [F124fourth] survivor revaluation period is the revaluation amount determined in accordance with paragraph 4(13A) to (13D).]

Textual Amendments

[F125Payment for an entitlement under regulation 17CU.K.

5A.—(1) This paragraph applies where a qualifying member is entitled to an annual payment in accordance with regulation 17C for a period during which that member has previously received a relevant payment.

(2) The annual payment payable to a qualifying member to whom this paragraph applies is determined in accordance with this Schedule.

(3) For any period for which an annual payment under regulation 17C is due to be paid and a relevant payment has previously been paid, the relevant payment is treated as a payment on account of the annual payment under regulation 17C.

(4) Where the amount of the relevant payment so treated equals the amount of the annual payment payable under sub-paragraph (2), no further payment under regulation 17C is due to the qualifying member.

(5) In this paragraph, “relevant payment” means a payment in accordance with these Regulations other than a payment for a survivor by virtue of regulation 17(4), 17A(3), 17B(2)(b) or 18(4).]

Textual Amendments

Surviving dependants of qualifying membersU.K.

[F1265B.—(1) The annual payment payable to a surviving dependant of a qualifying member shall be determined in accordance with sub-paragraphs (2) to (5).

(2) Where an annual payment is also payable to a survivor of the qualifying member and—

(a)there is only one surviving dependant, the amount of the annual payment shall be—

(b)there are two or more surviving dependants, the amount of the annual payment shall be—

(3) Where the qualifying member does not have a survivor and—

(a)there is only one surviving dependant, the amount of annual payment shall be—

(b)there are two or more surviving dependants, the amount of the annual payment shall be—

(4) Where—

(a)a survivor of a qualifying member, who is not a person who is treated as a survivor by virtue of regulation 37 of the Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009, dies;

(b)a person ceases to be a surviving dependant of a qualifying member; or

(c)another person becomes entitled to an annual payment as a surviving dependant of a qualifying member,

the annual payment payable to a surviving dependant of that qualifying member shall be redetermined with effect from the day after the day on which the event referred to in paragraphs (a) to (c) occurred.

(5) In this paragraph—

“B” means—

(a)

where there is only one surviving dependant, the surviving dependant’s actual pension; or

(b)

where there are two or more surviving dependants, the sum of the actual pensions of all the surviving dependants of that qualifying member;

“D” means—

(a)

subject to paragraph (b), where sub-paragraph (4) applies, the total amount of annual increases to which any surviving dependant was entitled under this Schedule on the day on which the event referred to in paragraphs (a) to (c) of that sub-paragraph occurred;

(b)

where sub-paragraph (4)(a) applies and, as a result, the annual payment payable to a surviving dependant is redetermined under sub-paragraph (3)(a), nil; and

(c)

in all other cases, nil;

“N” means the number of surviving dependants of the qualifying member;

“Q” means the sum of—

(a)

the product of 0.9 multiplied by the expected pension which has been or could have been determined in accordance with paragraph 5(4); and

(b)

the total amount of any annual increases determined in accordance with paragraph 9 to which the qualifying member was entitled on the day on which the qualifying member died;

“S” means—

(a)

where sub-paragraph (4)(a) applies and, as a result the annual payment payable to a surviving dependant is redetermined under sub-paragraph (3), the total amount of annual increases to which the survivor was entitled on the day on which the survivor died; and

(b)

in all other cases, nil.]

Textual Amendments

Exclusion of certain benefitsU.K.

6.—(1) No account shall be taken of the benefits specified in sub-paragraph (2) when determining, for the purposes of this Schedule—

(a)the assets available to be used to discharge a liability of a qualifying pension scheme;

(b)the liabilities of such a scheme; and

(c)the annual rate of pension from such a scheme.

(2) The specified benefits are—

(a)money purchase benefit; [F127and]

(b)benefits derived from the payment of voluntary contributions where, on the winding up of the scheme, the assets of the scheme have first been applied to satisfy liabilities in respect of those benefits; F128...

F129(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F130(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Cap on expected pension and actual pensionU.K.

7.—[F131(1) Where the amount of a qualifying member’s expected pension determined in accordance with the previous provisions of this Schedule multiplied by 0.9 exceeds the FAS cap—

(a)the amount of the annual payment payable to, or in respect of, that member under paragraphs 3 to 5B shall be determined on the basis that the product of that calculation was the amount of the FAS cap; and

(b)the expected pension for the purposes of paragraph (b)(i) in the definition of “underlying rate” in paragraph 9 shall be the amount of the FAS cap;]

(2) Where the amount of a qualifying member's actual pension determined in accordance with paragraph 2 exceeds—

(a)the amount of a qualifying member's expected pension determined in accordance with the previous provisions of this Schedule multiplied by [F330.9] F132...; or

(b)[F133the FAS cap],

no annual payment shall be payable to, or in respect of, that member.

[F134(3) Except where sub-paragraph (5) applies, in this paragraph [F135the standard amount] is—

(a)where the beneficiary became entitled to an annual payment before 1st April 2007, £26,000;

(b)where the beneficiary became entitled to an annual payment in the period beginning on 1st April 2007 and ending on 31st March 2008, £26,936;

(c)where the beneficiary became entitled to an annual payment in the period beginning on 1st April 2008 and ending on 31st March 2009, £27,987;

(d)where the beneficiary became entitled, or becomes entitled, to an annual payment in the period beginning on 1st April 2009 and ending on 31st March 2010, £29,386; F136...

[F137(e)where the beneficiary becomes entitled to an annual payment in the period beginning on 1st April 2010 and ending on 31st March 2011, £29,386; and

(f)where the beneficiary becomes entitled to an annual payment after 31st March 2011, the amount determined in accordance with sub-paragraph (4).]

(4) For each successive period of 12 months from [F1381st April 2011], [F139the standard amount] shall be—

(a)where paragraph (b) does not apply, the amount of [F139the standard amount] for the previous period of 12 months increased by the percentage increase [F140in the general level of prices] for the period of 12 months ending on the 30th September falling within that previous period of 12 months; or

(b)where there is no such percentage increase, the amount of [F139the standard amount] for the previous period of 12 months.

(5) Where a qualifying member dies on or after the day on which that qualifying member became entitled to an annual payment, “the FAS cap” for the purposes of determining the amount of the annual payment payable to a survivor or a surviving dependant of that qualifying member under paragraph 5 or 5B is the amount which was determined in accordance with [F141regulation 17AA (meaning of “the FAS cap”)] for the purposes of determining the amount of the annual payment payable to that qualifying member.

(6) Where the amount of [F142the standard amount] determined in accordance with sub-paragraph [F143(3)(f)] results in a fraction of a pound, that fraction shall be treated as a pound.]

Textual Amendments

De minimis ruleU.K.

F1448.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

[F145Annual increase to an annual paymentU.K.

9.—(1) Except where there is no percentage increase in the [F146general level of prices] for the period of 12 months ending with 31st May last falling before the indexation date, a beneficiary entitled to an annual amount determined in accordance with paragraphs 2A to 5B shall be entitled, on the indexation date, to an increase of—

(a)the appropriate percentage of the amount of the underlying rate immediately before that date, or

(b)where the beneficiary first became entitled to an annual payment during the period of 12 months ending immediately before that date, one twelfth of that amount for each full month since the date on which the annual payment was first payable.

(2) In this paragraph—

“appropriate percentage” means the lesser of—

(a)

the percentage increase in the [F146general level of prices] for the period of 12 months ending with the 31st May last falling before the indexation date; and

(b)

2.5%;

“underlying rate” means—

(a)

the aggregate of—

(i)

the product of X multiplied by so much of the expected pension as is attributable to post-1997 service;

(ii)

where—

(aa)

the beneficiary is a survivor or a surviving dependant of a qualifying member; and

(bb)

that qualifying member dies on or after the day on which that qualifying member became entitled to an annual payment,

the product of X multiplied by W; and

(iii)

any annual increases to which the beneficiary is entitled in accordance with sub-paragraph (1) immediately before the indexation date; or

(b)

where paragraph 7(1) applies, the aggregate of—

(i)

so much of the expected pension as is, proportionately, attributable to post-1997 service; and

(ii)

any annual increases to which the beneficiary is entitled in accordance with sub-paragraph (1) immediately before the indexation date;

“post-1997 service” means—

(a)

pensionable service (whether actual or notional) which occurs on or after 6th April 1997; or

(b)

where the annual payment is payable to, or in respect of, a qualifying member who is, or was, a pension credit member of the scheme, pension credit rights deriving from rights attributable to service (whether actual or notional) which occurred on or after 6th April 1997;

“W” means the amount of any annual increases to which the qualifying member was entitled in accordance with sub-paragraph (1) on F147... the day on which the qualifying member died;

“X” means—

(a)

0.9, where the beneficiary is the qualifying member;

(b)

0.45, where the beneficiary is a survivor who is not a survivor to whom paragraph 5(6A) applies;

(c)

the product of 0.45 divided by Y, where the beneficiary is a survivor to whom paragraph 5(6A) applies;

(d)

the product of 0.9 divided by Z, where the beneficiary is a surviving dependant and the qualifying member does not have a survivor; or

(e)

the product of 0.45 divided by Z, where the beneficiary is a surviving dependant and an annual payment is also payable to a survivor of the qualifying member;

“Y” means the number of survivors of the qualifying member; and

“Z” means—

(a)

where there is only one surviving dependant, 2; or

(b)

where there is more than one surviving dependant, the number of surviving dependants of the qualifying member.

(3) In any case where the scheme manager is satisfied, having regard to the information available, that it is not possible for the scheme manager to determine the amount of expected pension which is attributable to post-1997 service for the purposes of this paragraph, the scheme manager shall determine that amount, having regard to such matters as the scheme manager considers relevant.]

Textual Amendments

Initial paymentsU.K.

10.  The preceding provisions of this Schedule shall apply for the purposes of determining the amount of an initial payment with the following modifications—

(a)for paragraph 2, substitute—

[F148“Interim pension

2.—(1) In this Schedule, “interim pension” means, subject to sub-paragraphs (2) and (3), the annual rate of pension that was in payment, is in payment, or is proposed to be paid, to a qualifying member, or to a survivor [F149or surviving dependant] of that qualifying member, from the assets of the qualifying pension scheme of which that qualifying member is, or was, a member—

(a)on or after the time when the scheme began to wind up; but

(b)before the day on which the scheme’s liabilities to or in respect of the qualifying member are, or were, discharged.

(2) Where—

(a)the annual rate of pension referred to in sub-paragraph (1)—

(i)was or is in payment, and

(ii)was determined following commutation[F150, after the day on which the qualifying pension scheme began to be wound up,] of some of the benefits deriving from the scheme to which that qualifying member is entitled,

that annual rate shall be redetermined on the basis that there was [F151no such commutation]; and

(b)the annual rate of pension referred to in sub-paragraph (1) is proposed to be paid, that annual rate shall be determined on the basis that there has been no commutation of benefits [F152after the day on which the scheme began to be wound up].

(3) Where the scheme manager is satisfied that it is not possible for [F153it] to determine the annual rate of pension for the purposes of sub-paragraph (1) having regard to the information available to [F153it], [F154it] shall determine the annual rate of pension on the basis of that portion of the assets of the qualifying pension scheme (of which the qualifying member is, or was, a member) provisionally allocated to the member by the trustees or managers, or survivor [F149or surviving dependant] of that member—

(a)on or after the time when the scheme began to wind up; but

(b)before the day on which the scheme’s liabilities in respect of the qualifying member are, or were, discharged,

and such other matters as the scheme manager considers relevant.”];

(b)for “actual pension”, in each place, substitute “interim pension”;

[F155(ba)for “[F156regulation 17(2), (3) or (3C) or 17C]” in each place, substitute “regulation 18(4)”;]

F157(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F157(ca). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F158(d)for “annual payment”, in each place that it occurs (except in paragraph 1(1)), substitute “initial payment”; and]

[F159(e)in paragraph 5—

(i)for sub-paragraph (3) substitute—

“(3) The initial payment payable to a survivor of a qualifying member shall be—F33

(ii)[F160for sub-paragraph (4) substitute—

“(4) In sub-paragraph (3), “expected pension” shall, subject to sub-paragraph (5), be the sum of—

(a)the amount determined—

(i)where the qualifying member was entitled to a present payment of a pension under the scheme rules on the day before the day on which the qualifying pension scheme began to be wound up, in accordance with paragraph 3(3); or

(ii)where the qualifying member was an active member or a deferred member of a qualifying pension scheme on the day before the day on which the qualifying pension scheme began to be wound up, in accordance with [F161sub-paragraph (7)]; and

(b)the product of the aggregate of any annual increases determined in accordance with paragraph 9 to which the qualifying member was entitled on F162... the day on which the qualifying member died divided by 0.9.”.]]

Textual Amendments

[F163Shared initial paymentsU.K.

10A.—(1) Where two or more survivors of a qualifying member are entitled to a shared initial payment by virtue of regulation 18(4B), the amount of each survivor’s shared initial payment shall be—

(2) In this paragraph—

“N” means the number of survivors of the qualifying member;

“Y” means the sum of the interim pensions of all the survivors which would have been determined in accordance with paragraph 5(3) had that paragraph applied to the survivors; and

“Z” means the product of 0.9 multiplied by the expected pension which would have been determined in accordance with paragraph 5(3) had that paragraph applied to the survivors.]

Textual Amendments

RoundingU.K.

11.  Where the amount of an annual payment or an initial payment determined in accordance with this Schedule results in a fraction of a penny, that fraction shall be treated as a penny.

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