Source: http://www.legislation.gov.uk/uksi/2008/1432/made
Timestamp: 2013-05-24 11:03:18
Document Index: 577696290

Matched Legal Cases: ['ART 1', 'ART 2', 'ART 3', 'art 15', 'art 56', 'ART 4']

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Status:This is the original version (as it was originally made). UK Statutory Instruments are not carried in their revised form on this site.Statutory Instruments2008 No. 1432PensionsThe Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2008Made3rd June 2008Coming into force in accordance with regulation 1 The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 286, 315(2) and (4) and 318(1) of the Pensions Act 2004(1) and sections 18(9) and 25(2) of the Pensions Act 2007(2).
PART 1IntroductoryCitation and commencement1. These Regulations may be cited as the Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2008 and shall come into force on the day after the day on which they are made.
PART 2Amendment of section 18 of the Pensions Act 2007Amendment of section 18 of the Pensions Act 20073. In section 18(5) and (7) of the Pensions Act 2007 (financial assistance scheme: increased levels of payments), for “0.8” substitute “0.9”.
PART 3Amendment of the FAS RegulationsAmendment of the FAS Regulations4. The FAS Regulations are amended in accordance with this Part.
Amendment of Part 15. After paragraph (1) of regulation 2 (interpretation) insert—
(a)determined in accordance with paragraph (1A) is—
(i)more than 65, that age shall be 65;
(ii)less than 60, that age shall be 60 except for the purposes of paragraph 2(3)(a) of Schedule 2;
(b)cannot be determined in accordance with paragraph (1A) from the rules of the qualifying pension scheme, that age shall be such age as the scheme manager shall determine having regard to the rules of that scheme and to such other information as he considers relevant.”.
Amendment of Part 56.—(1) In regulation 17 (annual payments)—
(i)after “paragraph (3)” insert “or (3A)”; and
(ii)for “the age of 65” substitute “normal retirement age”;
(a)that member shall be entitled to an annual payment determined in accordance with Schedule 2 from—
(i)14th May 2004; or
(ii)the date on which he became entitled to a present payment from the qualifying pension scheme;
(b)monthly instalments of the annual payment which would have been payable to that member shall cease to be payable from the date on which that member would have ceased to be entitled to the payment referred to in regulation 15(5)(a) in accordance with the rules of the qualifying pension scheme.
(c)in paragraph (6)(4), for “paragraph (5B)” substitute “paragraphs (3A)(b) and (5B)”.
(a)in paragraph (1)(a)(i), for “the age of 64” substitute “the age which is one year less than normal retirement age”;
(b)at the end of paragraph (1)(a) omit “or”;
(c)after paragraph (1)(a) insert—
“(aa)a person is regarded as a qualifying member under regulation 15(5); or”; and
(i)at the beginning of sub-paragraph (a) insert “except where sub-paragraph (c) applies, ”;
(ii)in sub-paragraph (a)(ii)(aa), for “the age of 65” substitute “normal retirement age”; and
“(c)if the qualifying member is regarded as a qualifying member under regulation 15(5), to that member with effect from whichever is the later of—
(i)14 May 2004; or
(ii)the date on which he became entitled to a present payment from the qualifying pension scheme.”.
Amendment of Schedule 27.—(1) Schedule 2 (determination of annual and initial payments)(6) is amended in accordance with this regulation.
(a)beginning on the day on which the qualifying member’s pensionable service ended; and
(i)the day before the day on which the scheme began to wind up; or
(ii)the day from which the qualifying member is entitled to an annual payment in accordance with regulation 17(2) or (3).”;
(a)beginning on the day after the date determined in accordance with sub-paragraph (5)(b); and
(i)the certification date; or
(ii)the day from which the qualifying member is entitled to an annual payment in accordance with regulation 17(2) or (3),
(a)in sub-paragraph (4)(b), for “paragraph 4(3)” substitute “sub-paragraph (7)”;
(b)in sub-paragraph (6)(b)(i), for “the age of 65” substitute “normal retirement age”;
(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)); and
(c)the revaluation amount for the second survivor revaluation period (see sub-paragraphs (10) and (11)).
(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) or (3); or
(iii)the day from which the survivor of the qualifying member became entitled to an annual payment under regulation 17(4),
(a)beginning on the day after the date determined in accordance with sub-paragraph (8)(b); and
(i)the day from which the qualifying member became entitled to an annual payment in accordance with regulation 17(2) or (3); or
(ii)the day from which the survivor of the qualifying member became entitled to an annual payment under regulation 17(4),
PART 4Transitional provisionTransitional provision8. The FAS Regulations and section 18 of the Pensions Act 2007 shall continue to have effect as if these Regulations had not come into force where—
(a)a beneficiary has, before the date on which these Regulations come into force, received a monthly instalment of an annual payment or an initial payment;
(b)the date from which the beneficiary would be entitled to an annual payment or an initial payment would not change under these Regulations; and
(c)the beneficiary would be entitled to a higher annual payment or higher initial payment if these Regulations had not come into force.
Mike O’BrienMinister of State,Department for Work and Pensions3rd June 2008EXPLANATORY NOTE(This note is not part of the Regulations)
(1)2004 c.35 Section 286 was amended by section 18(2) and (3) of the Pensions Act 2007 (c.22), is modified in its application to multi-employer schemes by S.I. 2005/441 (amended by S.I. 2005/993 and 2005/2113) and extends to England, Wales, Scotland and Northern Ireland. Section 318(1) is cited because of the meanings given to “prescribed” and “regulations”.
(2)2007 c.22. Section 18 extends to England, Wales, Scotland and Northern Ireland.
(3)S.I. 2005/1986, amended by S.I. 2005/3256, 2006/3370 and 2007/3581.
(4)Regulation 17(6) was amended by S.I. 2005/3256.
(5)Regulation 18 was substituted by S.I. 2005/3256 and paragraph (1) was amended by S.I. 2006/3370.
(6)Schedule 2 was amended by S.I. 2005/3256, 2006/3370 and 2007/3581.
(7)The figure 0.8 occurs in paragraphs 3(2), 4(2), 5(3), 7(1), 7(2) and 10(e). Paragraph 5(3) applies to both annual payments for survivors of qualifying members and as modified by paragraph 10(e) of Schedule 2 for the purposes of determining the amount of initial payments to such survivors.
(8)Paragraph 9(2A) was inserted by S.I. 2006/3370.