Retained Eu Law Reform Citation, commencement and extent 1 These Regulations— a may be cited as the Pensions Act 2004 (Amendment) (Pension Protection Fund Compensation) Regulations 2023; b come into force immediately before the end of 2023; c extend to England and Wales and Scotland. Amendment of sections 162 and 316 of the Pensions Act 2004 2 In the Pensions Act 2004 — a in section 162(1) (the pension compensation provisions), omit paragraph (c) (but not the “and” at the end); b in section 316(2) (parliamentary control of subordinate legislation) omit paragraph (s) (but not the “or” at the end). Amendment of Schedule 7 to the Pensions Act 2004 3 1 Schedule 7 (pension compensation provisions) to the Pensions Act 2004 is amended as follows. 2 In each of paragraphs 3(10), 5(8), 15(6) and 19(8) insert the following entry immediately after the opening words— paragraph 22A (calculation of compensation on and after 1 January 2024), . 3 In each of paragraphs 3(10), 11(8), 14(9) , 15(6) and 19(8) omit the entry for paragraph 26 (but not the “and” at the end). 4 For paragraph 7(6) substitute— 6 This paragraph is subject to— paragraph 22A (calculation of compensation on and after 1 January 2024), and paragraph 30 (power of Secretary of State to change percentage rates by order). . 5 In each of paragraphs 8(8), 11(8) and 14(9) insert the following entry immediately after the entry for paragraph 20— paragraph 22A (calculation of compensation on and after 1 January 2024), . 6 In paragraph 10(8)— a at the end of the entry for paragraph 20, omit the “and”; b immediately after that entry insert— paragraph 22A (calculation of compensation on and after 1 January 2024), and . 7 For paragraph 20(6) substitute— 6 This paragraph is subject to— paragraph 22A (calculation of compensation on and after 1 January 2024), and paragraph 30 (power of Secretary of State to change percentage rates by order). . 8 For paragraph 22(4) substitute— 4 This paragraph is subject to— paragraph 22A (calculation of compensation on and after 1 January 2024), and paragraph 30 (power of Secretary of State to change percentage rates by order). . 9 After paragraph 22 insert— Calculation of compensation on and after 1 January 2024 22A 1 This paragraph applies where— a the assessment date falls on or after 1 January 2024, and b there is a person (“ P ”) who, at the beginning of the assessment period in question, is or may become entitled to payment of compensation in accordance with paragraph 3, 5, 7, 8, 10, 11, 14, 15, 19, 20 or 22 in respect of the scheme. 2 Sub-paragraph (3) applies where, but for that sub-paragraph, the value as at the beginning of the assessment period of the compensation which is or may become payable to or in respect of P in accordance with any of paragraphs 3, 4, 5, 6, 7, 8, 9, 10, 11, 13, 14, 15, 18, 19, 20, 22 and 23 (“ the relevant compensation provisions ”) in respect of the scheme would be less than 50% of the value of the benefits which have accrued to or in respect of P under the admissible rules of the scheme immediately before the assessment date (“the benefits value”). 3 Where this sub-paragraph applies, the amounts of the compensation which is or may become payable to or in respect of P in accordance with any of the relevant compensation provisions in respect of the scheme are to be adjusted in accordance with guidance issued by the Board so as to secure that the value as at the beginning of the assessment period of that compensation is increased to an amount equal to 50% of the benefits value. 4 The following are to be determined in accordance with guidance issued by the Board— a the value of the compensation which is or may become payable to or in respect of P in accordance with any of the relevant compensation provisions in respect of the scheme; b the value of the benefits which have accrued to or in respect of P under the admissible rules of the scheme. 5 In this paragraph— a a reference to benefits which have accrued to or in respect of a person under the admissible rules of the scheme does not include a reference to such of those benefits as are attributable (directly or indirectly) to a pension credit; b a reference to compensation which is or may become payable to or in respect of a person in accordance with a provision of this Schedule does not include a reference to so much of that compensation as is attributable (directly or indirectly) to a pension credit. . 10 In paragraph 24, omit sub-paragraph (3). 11 Omit paragraphs 26, 26A and 27 . 12 In paragraph 28, omit sub-paragraph (4). Amendment of Schedule 5 to the Pensions Act 2008 4 In paragraph 18 (compensation cap) of Schedule 5 (pension compensation payable on discharge of pension compensation credit) to the Pensions Act 2008 , omit sub-paragraph (2). Amendment of Schedule 4 to the Pensions Act 2011 5 In Schedule 4 (Pension Protection Fund) to the Pensions Act 2011 — a omit paragraph 18(4); b omit paragraph 23(9). Amendment of the Pensions Act 2014 6 In the Pensions Act 2014 — a omit section 51 (Pension Protection Fund: compensation cap to apply separately to certain benefits); b in Schedule 20 (Pension Protection Fund: increased compensation cap for long service), omit— i paragraphs 1 to 3; ii paragraph 5; iii paragraph 6(3) and (4); iv paragraphs 7 to 22. Signed by authority of the Secretary of State for Work and Pensions Paul Maynard Parliamentary Under Secretary of State Department for Work and Pensions 4th December 2023