The Occupational Pension Schemes (Revaluation) Regulations 1991(1)
31.—(1) The Occupational Pension Schemes (Revaluation) Regulations 1991 shall be amended as follows—
(2) In regulation 2—
(a)for the definition of “Schedule 1A” substitute—
““the Act” means the Pension Schemes Act 1993”;
(b)in the definition of “short service benefit” for “Schedule 16” onwards substitute “the Act”.
(3) In regulation 3(2) for “paragraphs 1(2)(a) and 2(2)(a) of Schedule 1A” and “Paragraphs 1(2)(a) and 2(2)(a)” substitute respectively “section 83(1)(a)(iii) of and paragraph 2(7) of Schedule 3 to the Act” and “Section 83(1)(a)(iii) of and paragraph 2(7) of Schedule 3 to the Act”.
(4) In regulation 4—
(a)in paragraph (2) for “paragraph 2 of Schedule 1A” substitute “section 84 of the Act”;
(b)in paragraph (3) for “Schedule 1A” and “whichever of paragraphs 2 to 5 of Schedule 1A applies to it” substitute respectively “Chapter II of Part IV of the Act” and “whichever method applies to it in accordance with section 84 of the Act”.
(5) In regulation 5—
(a)in paragraph (1) for “paragraph 2” to “that paragraph” substitute “the final salary method, within the meaning of paragraph 1 of Schedule 3 to the Act, applies and partly of a component to which that method”;
(b)in paragraph (2) for “Schedule 1A”, “paragraph 2 of Schedule 1A” to “paragraph 2(2) of Schedule 1A” and “that paragraph” substitute respectively “Paragraph 1 of Schedule 3 to the Act”, “the final salary method applies, the pensionable service and the amount of pension or other benefit referred to in sub-paragraph (1) of that paragraph” and “that method”.
(6) In regulation 6 for “paragraph 5 of Schedule 1A”, in both places it occurs, substitute “paragraph 5 of Schedule 3 to the Act”.
(7) In regulation 7 for “paragraph 7 of Schedule 1A” and “Paragraph 7 of Schedule 1A” substitute respectively “section 129 of the Act as it applies as respects Chapter II of Part IV of the Act” and “Section 129”.
(8) In regulation 8 for “Paragraph 9” and “Paragraph 9 of Schedule 1A”, wherever they occur, substitute “Section 86(1) of the Act” and for “Schedule 1A” in each place it occurs, substitute “Chapter II of Part IV of the Act”.
(9) In regulation 9—
(a)in paragraph (1)(b) for “the method” onwards substitute “the final salary method, within the meaning of paragraph 1 of Schedule 3 to the Act”;
(b)in paragraph (2) for “Paragraph 2 of Schedule 1A” substitute “Paragraph 1 of Schedule 3 to the Act” and omit “appropriate”.
(10) In regulation 10—
(a)in paragraph (1) for “paragraph 2 of Schedule 1A” substitute “the final salary method, within the meaning of paragraph 1 of Schedule 3 to the Act”;
(b)for paragraph (2) substitute—
“(2) Paragraph 1 of Schedule 3 to the Act is modified so that the scheme may provide for the pensionable service referred to in sub-paragraph (1) of that paragraph to be calculated to the nearest, next highest or next lowest whole month. Where a scheme provides for rounding as described in this paragraph it must provide for all pensionable service there referred to to be rounded in the same way.”.
(11) In regulation 11—
(a)in paragraph (1) for “paragraph 21” to “1973” substitute “section 165(6) of the Act”;
(b)in paragraph (2) for “Schedule 1A” to “pensions)” substitute “Chapter II of Part IV of the Act”.
(12) In regulation 12(2) for “Schedule 1A” substitute “Chapter II of Part IV of the Act”.
(13) In regulation 13(2) for “Schedule 1A is”, “” to “Schedule 1A” and “D in that formula” substitute respectively “Paragraph 1 of Schedule 3 to the Act is”, “the total pensionable service referred to in sub-paragraph (1)(b) of that paragraph” and “the amount of the pension or other benefit which has accrued on the termination date as referred to in sub-paragraph (1) of that paragraph”.
S.I. 1991/168.