SCHEDULES
SCHEDULE 1Early leavers: revaluation of accrued benefits
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8
In Schedule 3 to that Act (revaluation methods), before paragraph 1 insert—
The default method
A1
The default method is to revalue the benefits in any way in which they would have been revalued if—
a
in the case of an occupational pension scheme, the member's pensionable service had not terminated, or
b
in the case of a personal pension scheme, contributions in respect of the member had not ceased to be paid.
9
Omit paragraphs 3A and 4 of that Schedule.
10
In paragraph 5(1) of that Schedule, for “if his pensionable service had not terminated” substitute “if—
a
in the case of an occupational pension scheme, the member's pensionable service had not terminated, or
b
in the case of a personal pension scheme, contributions in respect of the member had not ceased to be paid.”
11
Omit the following, which are no longer needed given the earlier provisions of this Schedule—
a
paragraph 31(3) of Schedule 12 to the Welfare Reform and Pensions Act 1999;
b
section 19(1) to (3) of the Pensions Act 2011.