The Secretary of State1 must make provision, by regulations2, for a scheme for making payments to, or in respect of, qualifying members3 of qualifying pension schemes ('the financial assistance scheme')4. The Secretary of State must, in particular, make provision for securing that (subject to any relevant restriction5) the aggregate amount of:
(1) any annual payment6 payable to a qualifying member of such a scheme; and
(2) the member's actual pension7 (if any),
is not less than 80 per cent of the member's expected pension, irrespective of the date of his attaining normal retirement age (or the date when he would have attained that age if he dies before attaining it)8.
Such regulations may, in particular, make provision:
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