4(1)This paragraph applies to any benefit the rate or amount of which is calculated by reference solely to the member’s length of service.
(2)A benefit to which this paragraph applies is referred to in this Schedule as a “flat rate benefit”.
(3)Subject to the following provisions of this Schedule, if the revaluation condition is satisfied, any flat rate benefit payable to the member or to any other person in respect of him is to be revalued—
(a)by revaluing the benefits which have accrued to him during the period mentioned in paragraph 1(2)(a) above in any way in which they would have been revalued during it if he had remained in the same pensionable service; or
(b)by the method specified in paragraph 2 above.
(4)The method by which a benefit is to be revalued under this paragraph is whichever of the methods mentioned in sub-paragraph (3) above appears to the trustees or managers of the scheme to be appropriate.