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Article 7
1.—(1) In this Schedule –
“annual adjustment” means the change, expressed as a percentage, in the value of the average earnings index between April of the financial year preceding the relevant year and April of the relevant year;
“relevant period” means any period of three consecutive years commencing with the period beginning on 1st April 1992; and
“relevant year” means the financial year for which the maximum contribution falls to be determined.
(2) For the purposes of the definition of “annual adjustment”, the average earnings index means the general index of average earnings (for all employees: whole economy: seasonally adjusted) published by the Department of Employment; and if that index is not published for a month for which it is relevant for the purposes of this Schedule, that definition shall be taken to refer to any substituted index or index figures published by that Department.
2. For the purposes of article 7(2) the maximum contribution is –
(a)if the relevant year is the first year of a relevant period, an amount equal to the aggregate of –
(i)the amount of the income accrued to the Trust Fund in the preceding financial year; and
(ii)the product of that amount and the annual adjustment;
(b)if the relevant year is the second year of a relevant period, an amount equal to the aggregate of –
(i)the amount of the maximum contribution for the first year of that period; and
(ii)the product of that amount and the annual adjustment;
(c)if the relevant year is the third year of a relevant period, an amount equal to the aggregate of –
(i)the amount of the maximum contribution for the second year of that period; and
(ii)the product of that amount and the annual adjustment.
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