The Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000

Increase of relevant pension

32.  Subject to regulations 33 and 34, a relevant pension shall be increased each year by whichever is the lesser of—

(a) either—

(i) the appropriate percentage, or

(ii) where the rules of an occupational pension scheme require the relevant percentage to be increased at intervals of not more than 12 months, the relevant percentage, or

(b) 5 per cent.

(2) In this regulation—

“appropriate percentage” means the revaluation percentage for the latest revaluation period specified in the order under paragraph 2 of Schedule 2 to the Act (revaluation of accrued pension benefits) which is in operation at the time of the increase (expressions used in this definition having the same meaning as in that paragraph);

“relevant percentage” means the lesser of—

(a)

the percentage increase in the retail prices index for the reference period, being a period determined, in relation to each periodic increase, under the rules of the scheme, or

(b)

the percentage for that period which corresponds to 5 per cent. per annum.