Section 277 — Pensions Act 2004: Amendments relating to the Pensions Compensation Board

Amendments relating to the Pensions Compensation Board 277 1 The Pensions Act 1995 (c. 26) is amended as follows.

2 In section 80 (review of decisions of the Pensions Compensation Board)—

a after subsection (2) insert— 2A The Compensation Board may also review such a determination without an application being made. , and b for subsections (4) and (5) substitute— 4 Regulations may make provision—

a with respect to reviews under this section (or any corresponding provision in force in Northern Ireland);

b with respect to applications under subsection (2) (or any corresponding provision in force in Northern Ireland) and the procedure to be adopted on any such application.

3 In section 81 (cases where compensation provisions apply), omit subsections (1)(d), (2A) and (7).

4 In section 83 (amount of compensation) for subsections (3) and (4) substitute— 3 The amount of the payment, or (if there is more than one) the aggregate, must not exceed the aggregate of—

a the amount (if any) by which the shortfall at the application date exceeds the recoveries of value made between the application date and the settlement date, and b interest at the prescribed rate for the prescribed period on the amount of that excess (if any).