Where there is an assessment period1 in relation to an eligible scheme2 the benefits payable to or in respect of any member3 under the scheme rules during the assessment period must be reduced to the extent necessary to ensure that they do not exceed the compensation which would be payable to or in respect of the member in accordance with Chapter 3 of Part 2 of the Pensions Act 2004 if: (1) the Board of the Pension Protection Fund4 assumed responsibility for the scheme in accordance with that Chapter5; and (2) the assessment date6 were the date on which
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