The Financial Assistance Scheme Regulations 2005

Revaluation U.K.

9.—(1) The amount of the annual payment shall be determined in accordance with the preceding paragraphs of this Schedule on the basis of the circumstances applying as at the certification date.

(2) Where there is a period of one month or more between the certification date and the date on which the annual payment is first payable to the beneficiary in accordance with regulation 17, the annual payment shall be increased by the appropriate revaluation percentage of that amount.

[F1 (2A) But sub-paragraph (2) does not apply to an annual payment payable to a beneficiary who is the survivor of a qualifying member where that qualifying member was in receipt of an annual payment at the time of his death.]

(3) In sub-paragraph (2), “the appropriate revaluation percentage” means the lesser of—

(a) the percentage increase in the general level of prices in Great Britain during the [F2 period referred to in sub-paragraph (2)]; and

(b) the maximum revaluation rate.

(4) The method for determining the percentage increase in the general level of prices in Great Britain during that period is—

where—

A is the level of the retail prices index for the month which falls two months before [F3 the month] in which the annual payment is first payable to the beneficiary under regulation 17;

B is the level of the retail prices index for the month two months before the month in which the certification date falls.

(5) In sub-paragraph (3)(b), “the maximum revaluation rate” in relation to that period is—

(a) if that period is a period of 12 months, 5%; and

(b) in any other case, the percentage that would be the percentage mentioned in sub-paragraph (3)(a) had the general level of prices in Great Britain increased at the rate of 5% compound per annum during that period.

Textual Amendments

F1 Sch. 2 para. 9(2A) inserted (16.12.2006) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 7(8)(a)

F2 Words in Sch. 2 para. 9(3)(a) substituted (16.12.2006) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/3370), regs. 1(1), 7(8)(b)

F3 Words in Sch. 2 para. 9(4) inserted (24.11.2005) by The Financial Assistance Scheme (Modifications and Miscellaneous Amendments) Regulations 2005 (S.I. 2005/3256), regs. 1(1), 4(6)(d)