SCHEDULES
SCHEDULE 6PENSION COMPENSATION PROVISIONS
Deferred members who have not attained normal pension age at assessment date
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1
This paragraph applies for the purposes of paragraph 15(4)(c).
2
The second revaluation period is the period which—
a
begins with the assessment date, and
b
ends with the day before the day on which the deferred member attains normal pension age in respect of the pension.
3
The revaluation amount for the second revaluation period is—
a
where that period is less than one month, nil, and
b
in any other case the revaluation percentage of the aggregate of—
i
the accrued amount, and
ii
the revaluation amount for the first revaluation period (see paragraph 16).
4
In sub-paragraph (3) “the revaluation percentage” means the lesser of—
a
the percentage increase referred to in paragraph 17(4)(a) of Schedule 7 to the Pensions Act 2004 (c. 35), and
b
the maximum revaluation rate.
5
For the purposes of sub-paragraph (4)(b) “the maximum revaluation rate”, in relation to the second revaluation period, is—
a
if that period is a period of 12 months, 5%, and
b
in any other case, the percentage referred to in paragraph 17(5)(b) of Schedule 7 to the Pensions Act 2004.
This is subject to paragraph 29 (power of Board to determine maximum revaluation rate).
6
In this paragraph “the deferred member”, “the accrued amount” and “the pension” are to be construed in accordance with paragraph 15.