Point in time view as at 15/12/2008. This version of this cross heading contains provisions that are not valid for this point in time.
Pensions (No. 2) Act (Northern Ireland) 2008, Paragraph 8 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Yn ddilys o 06/04/2011
8—(1) This paragraph applies for the purpose of calculating the revaluation amount mentioned in paragraph 6(3)(b).N.I.
(2) In this paragraph “the revaluation period” means the period—
(a)beginning with the transfer day, and
(b)ending with the day before the transferee attains pension compensation age.
(3) The revaluation amount is—
(a)in a case in which the revaluation period is less than a month, nil;
(b)in any other case, the revaluation percentage of the initial annual rate of compensation.
(4) For the purposes of sub-paragraph (3)(b) “the revaluation percentage” means the lesser of—
(a)the percentage increase referred to in paragraph 8(4)(a) of Schedule 5 to the Pensions Act 2008, and
(b)the maximum revaluation rate.
(5) For the purposes of sub-paragraph (4)(b) “the maximum revaluation rate” is—
(a)in a case in which the revaluation period is a period of 12 months, 2.5%, and
(b)in any other case, the percentage referred to in paragraph 8(5)(b) of Schedule 5 to the Pensions Act 2008.
This is subject to paragraph 20 (power of Board to alter rates of revaluation and indexation).
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