SCHEDULES
C1SCHEDULE 7Pension compensation provisions
Active members who have not attained normal pension age at assessment date
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1
This paragraph applies for the purposes of paragraph 11(4)(b).
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—
I1a
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.
Sch. 7 amendment to earlier affecting provision S.I. 2005/652, reg. 14(2) (1.4.2005) by The Occupational Pension Schemes and Pension Protection Fund (Amendment) Regulations 2005 (S.I. 2005/993), regs. 1(1), 7