The Pension Protection Fund (Modification) (Amendment) Regulations (Northern Ireland) 2017
The Board of the Pension Protection Fund (“the Board”) is established by section 107 of the Pensions Act 2004 (c. 35) to provide compensation for members of certain occupational pension schemes in the event of the insolvency of the scheme’s sponsoring employer and where the pension scheme is underfunded at a certain level. Paragraphs 26 and 26A of Schedule 6 to the Pensions (Northern Ireland) Order 2005 (“the Order”) make provision for the amount of such compensation to be subject to a cap in certain cases.