Pensions Act 2004

12 (1) This paragraph applies for the purposes of paragraph 11(4)(b). E+W+S

(2) The revaluation period is the period which—

(a) begins with the assessment date, and

(b) ends with the day before the day on which the active member attains normal pension age in respect of the pension.

(3) The revaluation amount for the revaluation period is—

(a) in a case where the revaluation period is less than one month, nil, and

(b) in any other case, the revaluation percentage of the accrued amount.

(4) In sub-paragraph (3) “the revaluation percentage” means the lesser of—

(a) the percentage increase in the general level of prices in Great Britain during the revaluation period determined in the prescribed manner, and

(b) the maximum revaluation rate.

(5) For the purposes of sub-paragraph (4)(b) “the maximum revaluation rate” in relation to the revaluation period is—

(a) if that period is a period of 12 months, 5%, and

(b) in any other case, the percentage that would be the percentage mentioned in sub-paragraph (4)(a) had the general level of prices in Great Britain increased at the rate of 5% compound per annum during that period.

This is subject to paragraph 29 (power of Board to determine maximum revaluation rate etc).

(6) In this paragraph “the active member”, “the accrued amount” and “the pension” are to be construed in accordance with paragraph 11.

Commencement Information

I1 Sch. 7 para. 12(4)(a) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3