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PART 5E+W+SRevaluation

[F112A.  In this Part, where the Secretary of State makes a decision about the manner in which the general level of prices in Great Britain is to be determined, the Secretary of State shall publish that decision.]E+W+S

Textual Amendments

Manner of determining the revaluation percentage in the case of active members who have not attained normal pension age at assessment dateE+W+S

13.  [F2Subject to regulation 15B,] for the purposes of paragraph 12(4)(a) of Schedule 7 to the Act (determination of revaluation percentage in the case of active members who have not attained normal pension age at assessment date) the manner prescribed for the determination of the percentage increase in the general level of prices in Great Britain during the revaluation period is—

where—

a A is the level of the [F3general level of prices in Great Britain determined in such manner as the Secretary of State may from time to time decide] for the month which falls two months before the month in which the active member—

(i)

attains normal pension age in respect of the payment of the periodic compensation or, as the case may be, the lump sum compensation; or

(ii)

becomes entitled to—

a

periodic compensation under paragraph 11; or

b

lump sum compensation under paragraph 14,

under Schedule 7 to the Act calculated in accordance with paragraph 25 of Schedule 7 to the Act (early payment of compensation) and regulations made under that paragraph; and

b B is the level of the [F3general level of prices in Great Britain determined in such manner as the Secretary of State may from time to time decide] for the month two months before the month during which the assessment date falls.

Textual Amendments

Manner of determining the revaluation amountE+W+S

14.—(1) Subject to paragraph (2), for the purposes of paragraph 16(3)(b) of Schedule 7 to the Act (determination of revaluation amount for the first revaluation period in the case of deferred members who have not attained normal pension age at assessment date), the manner prescribed for the determination of the revaluation amount for the first revaluation period is the manner in which that revaluation amount would have been determined under the admissible rules of the scheme.

(2) For the purposes of paragraph (1) references under the admissible rules of the scheme to normal pension age shall be applied as if they were references to the assessment date.

Manner of determining the [F4higher] revaluation percentage in the case of deferred members who have not attained normal pension age at assessment dateE+W+S

15.  [F5Subject to regulation 15B,] for the purposes of [F6paragraph (a) of the definition of “higher revaluation percentage” in paragraph 17(4)] of Schedule 7 to the Act (determination of revaluation percentage in the case of deferred members who have not attained normal pension age at assessment date) the manner prescribed for the determination of the percentage increase in the general level of prices in Great Britain during the revaluation period is—

where—

a A is the level of the [F7general level of prices in Great Britain determined in such manner as the Secretary of State may from time to time decide] for the month which falls two months before the month during which the deferred member—

(i)

attains normal pension age in respect of the payment of the periodic compensation or, as the case may be, the lump sum compensation; or

(ii)

becomes entitled to—

a

periodic compensation under paragraph 15; or

b

lump sum compensation under paragraph 19,

of Schedule 7 to the Act calculated in accordance with paragraph 25 of Schedule 7 to the Act and regulations made under that paragraph; and

b B is the level of the [F7general level of prices in Great Britain determined in such manner as the Secretary of State may from time to time decide] for the month two months before the month during which the assessment date falls.

Textual Amendments

[F8Modification of Schedule 7 for schemes with no revaluationE+W+S

15A.—(1) Where, immediately before the assessment date, the admissible rules of the scheme do not provide for any revaluation of the benefits payable to or in respect of any member, Schedule 7 to the Act is modified in its application to that scheme in accordance with this regulation.

(2) Paragraph 11 (active members who have not attained normal pension age at assessment date: periodic compensation) applies to that scheme as if for sub-paragraph (4), there were substituted—

“(4) In sub-paragraph (3) “the protected notional pension” means the accrued amount.”.

(3) Paragraph 14 (active members who have not attained normal pension age at assessment date: lump sum compensation) applies to that scheme as if—

(a)for sub-paragraph (4), there were substituted—

“(4) In sub-paragraph (3) “the protected amount” means the accrued amount.”; and

(b)sub-paragraph (8) were omitted.

(4) Paragraph 15 (deferred members who have not attained normal pension age at assessment date: periodic compensation) applies to that scheme as if for sub-paragraph (4), there were substituted—

“(4) In sub-paragraph (3) “the protected pension rate” means the accrued amount.”.

(5) Paragraph 19 (deferred members who have not attained normal pension age at assessment date: lump sum compensation) applies to that scheme as if—

(a)for sub-paragraph (4), there were substituted—

“(4) In sub-paragraph (3) “the protected amount” means the accrued amount.”; and

(b)sub-paragraph (6) were omitted.

(6) Schedule 7 applies to that scheme as if paragraphs 12, 16, 17 and 21(2)(b) and (f) were omitted.]

Textual Amendments

[F9Determination of the revaluation percentage in respect of certain periodsE+W+S

15B.—(1) This regulation applies where any revaluation period referred to in regulations 13 and 15 includes a period which falls before 31st March 2011.

(2) Where this regulation applies, revaluation in respect of the period which falls before 31st March 2011 shall be determined in accordance with regulations 13 and 15 as modified by paragraph (4).

(3) Where this regulation applies, revaluation in respect of the period which begins on 31st March 2011 shall be determined in accordance with regulations 13 and 15 as modified by paragraph (5).

(4) For the purposes of paragraph (2)—

(a)regulation 13 is modified as follows—

(i)omit the words “Subject to regulation 15B,”; and

(ii)for paragraphs (a) and (b) substitute—

“(a)A is the level of the retail prices index for January 2011; and

(b)B is the level of the retail prices index for the month which falls two months before the month during which the assessment date falls.”; and

(b)regulation 15 is modified as follows—

(i)omit the words “Subject to regulation 15B,”; and

(ii)for paragraphs (a) and (b) substitute—

“(a)A is the level of the retail prices index for January 2011; and

(b)B is the level of the retail prices index for the month which falls two months before the month during which the assessment date falls.”.

(5) For the purposes of paragraph (3)—

(a)regulation 13 is modified as follows—

(i)omit the words “Subject to regulation 15B,”; and

(ii)for paragraph (b) substitute—

“(b)B is the level of the general level of prices in Great Britain for January 2011 determined in such manner as the Secretary of State may from time to time decide.”; and

(b)regulation 15 is modified as follows—

(i)omit the words “Subject to regulation 15B,”; and

(ii)for paragraph (b) substitute—

“(b)B is the level of the general level of prices in Great Britain for January 2011 determined in such manner as the Secretary of State may from time to time decide.”.]

Textual Amendments