The following Pensions practice note provides comprehensive and up to date legal information covering:
Where the Pension Protection Fund (PPF) assumes responsibility for a scheme, it must pay compensation (ie benefits) to scheme beneficiaries in line with statutory PPF compensation levels.
Even before PPF assumes responsibility for the scheme, scheme benefits will be subject to PPF compensation levels. This is because, during the assessment period, trustees are required to pay benefits to members in accordance with the scheme's 'admissible rules' but reduced to PPF compensation levels where necessary.
If incorrect payments are made to members by the scheme during the assessment period (eg exceeding PPF compensation levels), the PPF can take such steps as it considers appropriate to recover the amount of the excess plus interest, including by adjusting members' future compensation payments.
For information on assessment periods, see Practice Note: The Pension Protection Fund—assessment periods and operation of schemes.
For information on a scheme's admissible rules, see Practice
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