138 Payment of scheme benefits
Pensions Act 2004 (2004 c 35) | Legislation

138  Payment of scheme benefits

(1)     Subsections (2)[, (2A)] and (3) apply where there is an assessment period in relation to an eligible scheme.

(2)     The benefits payable to or in respect of any member 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 this Chapter if—

(a)     the Board assumed responsibility for the scheme in accordance with this Chapter, and

(b)     the assessment date referred to in Schedule 7 were the date on which the assessment period began.

[(2A)     Benefits in the form of a lump sum may be paid to or in respect of a member under the scheme rules during the assessment period only in the circumstances in which, and to the extent to which, lump sum compensation would be payable to or in respect of the member in accordance with this Chapter if—

(a)     the Board assumed responsibility for the scheme in accordance with this Chapter, and

(b)     the assessment date referred to in Schedule 7 were the date on which the assessment period began.]

(3)

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