SCHEDULES

SCHEDULE 2Revaluation of accrued benefits etc

Part 3Consequential amendments

8

(1)

Section 51ZA of the Pensions Act 1995 (c. 26) (meaning of “the appropriate percentage”) is amended as follows.

(2)

In subsection (1)—

(a)

in paragraph (a), for “revaluation percentage” substitute “ higher revaluation percentage ”;

(b)

for paragraph (b) substitute—

“(b)

in the case of a category Y pension, means the lower revaluation percentage for that period.”

(3)

In subsection (2), for “ “the revaluation percentage”” substitute “ “ “the higher revaluation percentage”, “the lower revaluation percentage” ”.