PART 2AMENDMENTS RELATING TO INDEXATION

Pension Sharing (Pension Credit Benefit) Regulations 2000

Indexation: changes to maximum percentage15

1

Regulation 32 of the Pension Sharing (Pension Credit Benefit) Regulations 200017 (increase of relevant pension) is amended as follows.

2

In paragraph (1), for sub-paragraph (b) substitute—

b

the maximum percentage.

3

In paragraph (2), after the definition of “appropriate percentage” insert—

  • “maximum percentage” means—

    1. a

      5 per cent. in a case where—

      1. i

        the pension is in payment before 6th April 2005; or

      2. ii

        the pension is not in payment before 6th April 2005 but the entitlement to the relevant pension credit arose before that day; and

    2. b

      2.5 per cent. in a case where the entitlement to the relevant pension credit arises on or after 6th April 2005;

  • “relevant pension credit” means the pension credit to which eligible pension credit rights are (directly or indirectly) attributable;