SCHEDULES

SCHEDULE 1A Revaluation of Pensions and Transfer values

Part I Revaluation of Pensions

1

(1)

This Part of this Schedule applies to any member of an occupational pension scheme whose pensionable service terminates after the commencement of this schedule if—

(a)

it terminates before normal pension age; and

(b)

on the date when it terminates—

(i)

he has accrued rights to benefit under the scheme; . . . F1

(ii)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(2)

In this Part of this Schedule “the revaluation condition” means—

(a)

in relation to benefit payable to the member, that, subject to subparagraph (3) below, there are 365 days or more in the period of which the first day is the day after the date when his pensionable service terminates and the last is the day on which he attains normal pension age;

(b)

in relation to benefit payable to any other person in respect of the member, that, subject to sub-paragraph (3) below, there are 365 days or more in the period mentioned in paragraph (a) above and the member dies after attaining normal pension age.

(3)

For the purpose of calculating the number of days in the period mentioned in sub-paragraph (2) above, any day which is 29th February shall be disregarded.

(4)

For the purposes of this Part of this Schedule “normal pension age” . . . F2 and, subject to paragraph 2(3) below, “pensionable service” are to be construed in accordance with Schedule 16 to the Social Security Act 1973.