Amendment of regulation 174

In regulation 17 (annual payments)—

a

in paragraph (10)(b)(ii)—

i

after sub-paragraph (bb) omit “or”; and

ii

after sub-paragraph (cc) insert—

  • or

dd

30th March 2011, provided that the calculation date falls before 30th March 2011; and

c

in any case where the calculation date falls on or before 30th March 2011 and the day determined in accordance with paragraphs (i) to (iii) falls after 30th March 2011, the revaluation amount for the period beginning on 31st March 2011 and ending on—

i

the day on which the beneficiary became entitled to an annual payment;

ii

the day on which the beneficiary began to receive a present payment from the scheme; or

iii

the day on which the qualifying member died,

whichever is the earliest.

b

in paragraph (11)—

i

for “the period referred to in paragraph (10)” substitute “the period referred to in paragraph (10)(b), or, where sub-paragraph (c) applies, the periods referred to in paragraph (10)(b) and (c)”; and

ii

for sub-paragraph (a)(i) substitute—

i

the period—

aa

referred to in paragraph (10)(b) where sub-paragraph (c) does not apply; or

bb

covered by both periods referred to in paragraph (10)(b) and (c) where sub-paragraph (c) applies,

is less than one month; or

c

in paragraph (12)(a)—

i

omit “in Great Britain”; and

ii

after “period” insert “or periods”;

d

for paragraph (13) substitute—

13

Subject to paragraph (13A), the method for determining the percentage increase in the general level of prices during the revaluation periods determined in accordance with paragraph (10)(b) and (c) is—

(100×(A÷B))−100math

where—

  1. a

    A is the general level of prices for the month which falls two months before the month in which the last day of the revaluation period falls; and

  2. b

    B is the general level of prices for the month which falls two months before the month in which the first day of the revaluation period falls.

e

after paragraph (13) insert—

13A

Where the entire period determined in accordance with paragraph (10)(b) falls before 31st March 2011, the method for determining the percentage increase in the general level of prices during that period is—

(100×(A÷B))−100math

where—

  1. a

    A is the level of the retail prices index for the month which falls two months before the month in which the last day of the revaluation period falls; and

  2. b

    B is the level of the retail prices index for the month which falls two months before the month in which the calculation date falls.

f

in paragraph (14)—

i

for sub-paragraph (a) substitute—

a

if the period covered by the period or periods mentioned in paragraph (12)(a) is a period of 12 months, 5%; or

ii

in sub-paragraph (b) for “in Great Britain” substitute “,whether determined in accordance with paragraph (13) or (13A),”.