SCHEDULES

C1C5C4C6C2C3C7SCHEDULE 7Pension compensation provisions

Annotations:
Modifications etc. (not altering text)
C1

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

Deferred members who have not attained normal pension age at assessment date

17

I21

This paragraph applies for the purposes of paragraph 15(4)(c).

I22

The second revaluation period is the period which—

a

begins with the assessment date, and

b

ends with the day before the day on which the deferred member attains normal pension age in respect of the pension.

I23

The revaluation amount for the second revaluation period is—

a

where that period is less than one month, nil, and

b

in any other case the revaluation percentage of the aggregate of—

i

the accrued amount, and

ii

the revaluation amount for the first revaluation period (see paragraph 16).

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 second revaluation period determined in the prescribed manner, and

I2b

the maximum revaluation rate.

I25

For the purposes of sub-paragraph (4)(b) “the maximum revaluation rate”, in relation to the second 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).

I26

In this paragraph “the deferred member”, “the accrued amount” and “the pension” are to be construed in accordance with paragraph 15.