PART 5ANNUAL AND INITIAL PAYMENTS
F1Redetermination of an annual payment previously determined in accordance with Schedule 417E
1
This regulation applies where, on an indexation date following the date on which the beneficiary first became entitled to an annual payment determined in accordance with Schedule 4, the aggregate of the amounts referred to in paragraph (2) is lower than the aggregate of the amounts referred to in paragraph (3).
2
The amounts in this paragraph are—
a
the amount of the annual payment determined in accordance with Schedule 4; and
b
the amount of any annual increases to which the beneficiary was entitled on the indexation date in accordance with paragraph 7 of Schedule 4.
3
The amounts in this paragraph are—
a
the amount of an annual payment which would be determined in accordance with Schedule 2 in respect of the beneficiary; and
b
the amount of any annual increases to which the beneficiary would be entitled in accordance with paragraph 9 of Schedule 2,
if the beneficiary were entitled to an annual payment determined in accordance with Schedule 2.
4
Where this regulation applies—
a
the scheme manager shall redetermine the amount of the annual payment; and
b
the beneficiary shall, from the indexation date—
i
be entitled to an annual payment determined in accordance with Schedule 2; and
ii
cease to be entitled to an annual payment determined in accordance with Schedule 4.