PART 3Amendment of the FAS Regulations
Amendment of Schedule 27
1
Schedule 2 (determination of annual and initial payments)6 is amended in accordance with this regulation.
2
In each place it occurs7, for “0.8” substitute “0.9”.
3
In paragraph 1 (introductory) omit sub-paragraphs (4) and (5).
4
In paragraph 4 (active and deferred members)—
a
for sub-paragraph (5) substitute—
5
The first revaluation period is the period—
a
beginning on the day on which the qualifying member’s pensionable service ended; and
b
ending on the earlier of—
i
the day before the day on which the scheme began to wind up; or
ii
the day from which the qualifying member is entitled to an annual payment in accordance with regulation 17(2) or (3).
b
for sub-paragraph (7) substitute—
7
The second revaluation period is the period—
a
beginning on the day after the date determined in accordance with sub-paragraph (5)(b); and
b
ending on—
i
the certification date; or
ii
the day from which the qualifying member is entitled to an annual payment in accordance with regulation 17(2) or (3),
whichever is the earlier.
5
In paragraph 5 (survivors of qualifying members)—
a
in sub-paragraph (4)(b), for “paragraph 4(3)” substitute “sub-paragraph (7)”;
b
in sub-paragraph (6)(b)(i), for “the age of 65” substitute “normal retirement age”;
c
after sub-paragraph (6) insert—
7
For the purposes of sub-paragraph (4)(b), “expected pension” means the aggregate amount of—
a
the amount specified in paragraph 4(3)(a);
b
the revaluation amount for the first survivor revaluation period (see sub-paragraphs (8) and (9)); and
c
the revaluation amount for the second survivor revaluation period (see sub-paragraphs (10) and (11)).
8
The first survivor revaluation period is the period—
a
beginning on the day on which the qualifying member’s pensionable service ended; and
b
ending on—
i
the day before the day on which the scheme began to wind up;
ii
the day from which the qualifying member became entitled to an annual payment in accordance with regulation 17(2) or (3); or
iii
the day from which the survivor of the qualifying member became entitled to an annual payment under regulation 17(4),
whichever is the earliest.
9
The revaluation amount for the first survivor revaluation period is the revaluation amount determined in accordance with paragraph 4(6).
10
The second survivor revaluation period is the period—
a
beginning on the day after the date determined in accordance with sub-paragraph (8)(b); and
b
ending on—
i
the day from which the qualifying member became entitled to an annual payment in accordance with regulation 17(2) or (3); or
ii
the day from which the survivor of the qualifying member became entitled to an annual payment under regulation 17(4),
whichever is the earlier.
11
The revaluation amount for the second survivor revaluation period is the revaluation amount determined in accordance with paragraph 4(8) to (12).
6
In paragraph 9(2A) (revaluation)8, for the words “where that qualifying member was in receipt of an annual payment at the time of his death” substitute “where an annual payment was payable to that qualifying member immediately before his death”.