The Pension Protection Fund (Modification) (Amendment) Regulations 2017

The Board of the Pension Protection Fund (“the Board”) is established by section 107 of the Pensions Act 2004 (c. 35) (“the 2004 Act”) 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 under-funded at a certain level. Paragraphs 26 and 26A of Schedule 7 to the 2004 Act make provision for the amount of such compensation to be subject to a cap in certain cases.