This regulation applies in respect of a financial year for which a percentage decrease in earnings is specified in an order made under section 9 of the 2014 Act M1.

The scheme manager must recover any overpayment of benefits that has occurred as a result of the application of the retirement index adjustment for that year.

When this regulation applies the scheme manager must notify the member in writing that the amount of the overpayment is to be recovered by reducing the amount of each instalment of pension until the amount of the overpayment is recovered or by omitting to pay any increase in the amount of any pension due until the amount of the overpayment is recovered.