PART 2Amendment of the FAS Regulations
Amendment paragraph 5 of Schedule 225
In paragraph 5 of Schedule 2 (survivors of qualifying members)—
a
in sub-paragraph (2) for “sub-paragraph (3) or (6)” substitute “sub-paragraph (3) or (6A)”;
b
for sub-paragraph (3) substitute—
(3) Except where sub-paragraph (6A) applies, the annual payment payable to a survivor shall be—
.
c
in sub-paragraph (4) for “on the crystallisation date” substitute “on the day before the day on which the qualifying pension scheme began to be wound up”;
d
omit sub-paragraph (6);
e
after sub-paragraph (6) insert—
6A
Where the qualifying member was a party to a polygamous marriage, the annual payment payable to each survivor shall be—
6B
In this paragraph—
“A” means the actual pension;
“B” means the sum of the actual pensions of all the survivors of that qualifying member;
“E” means one half of the product of 0.9 multiplied by the expected pension which would be determined in accordance with sub-paragraph (3) if sub-paragraph (6A) did not apply;
“H” means the aggregate of any annual increases determined in accordance with paragraph 9 to which the qualifying member was entitled before the day on which the qualifying member died;
“N” means the number of survivors of that qualifying member.
6C
Where a survivor of a qualifying member who was a party to a polygamous marriage dies, the annual payment payable to each survivor of that qualifying member shall be redetermined with effect from the day after the day on which the survivor died.
f
in sub-paragraph (7)—
i
after paragraph (b) omit “and”; and
ii
after paragraph (c) add—
and
d
in any case where 14 May 2004 is later than—
i
the day on which the qualifying member died; and
ii
the day on which the qualifying pension scheme began to be wound up,
the revaluation amount for the third survivor revaluation period (see sub-paragraphs (12) and (13)).
g
for sub-paragraph (10)(b) substitute—
b
ending on—
i
the earlier of—
aa
the day from which the qualifying member became entitled to an annual payment; or
bb
the day from which the survivor of the qualifying member became entitled to an annual payment; or
ii
in any case where 14 May 2004 is later than—
aa
the day on which the qualifying member died; and
bb
the day on which the qualifying pension scheme began to be wound up,
the day on which the qualifying member died.
h
after sub-paragraph (11) add—
12
The third survivor revaluation period is the period—
a
beginning on the day after the day on which the qualifying member died; and
b
ending on 14 May 2004.
13
The revaluation amount for the third survivor revaluation period is the revaluation amount determined in accordance with paragraph 4(13A) to (13D).