Amendment of Schedule 26

In paragraph 3 of Schedule 2 (determination of annual and initial payments)—

a

in each place in which it occurs omit “in Great Britain”;

b

for sub-paragraph (3)(c)(ii) substitute—

ii

where the qualifying member attains normal retirement age before 31st March 2011, the revaluation amount for the period beginning on the day on which the qualifying pension scheme began to be wound up and ending on the day on which the qualifying member attains normal retirement age; and

iii

where the qualifying member attains normal retirement age on or after 31st March 2011, the sum of—

aa

the revaluation amount for the period beginning on the day on which the qualifying pension scheme began to be wound up and ending on 30th March 2011; and

bb

the revaluation amount for the period beginning on 31st March 2011 and ending on the day on which the qualifying member attains normal retirement age.

c

in sub-paragraph (3A)—

i

omit “and (c)(ii)”; and

ii

in paragraph (b) omit “or, as the case may be, sub-paragraph (3)(c)(i)”;

d

after sub-paragraph (3A) insert—

3AA

In sub-paragraph (3)(c)(ii) and (iii), the revaluation amount is—

a

where the period—

i

determined in accordance with sub-paragraph (3)(c)(ii), where it applies; or

ii

covered by the periods determined in accordance with paragraphs (aa) and (bb) of sub-paragraph (3)(c)(iii), where that sub-paragraph applies,

is less than one month, nil; or

b

in any other case, the revaluation percentage of the amount of the annual rate of pension under sub-paragraph (3)(c)(i).

e

in sub-paragraph (3B)—

i

for “sub-paragraph (3A)” substitute “sub-paragraphs (3A) and (3AA)”; and

ii

for “and (c)(ii)” substitute “or (c)(ii) or (iii)”;

f

in sub-paragraph (3ZD)—

i

for “period” substitute “periods”;

ii

after “sub-paragraph (3)(c)(ii)” insert “and (iii)(aa)”; and

iii

for “during which the qualifying member attains normal retirement age” substitute “in which the last day of that revaluation period falls”;

g

after sub-paragraph (3ZD) insert—

3ZDA

The method for determining the percentage increase in the general level of prices during the revaluation period determined in accordance with sub-paragraph (3)(c)(iii)(bb) is—

(100×(A÷B))−100math

where—

  • A is the general level of prices for the month which falls two months before the month during which the qualifying member attains normal retirement age; and

  • B is the general level of prices for January 2011.

h

in sub-paragraph (3D)—

i

after “revaluation period” insert “or periods”;

ii

for paragraph (a) substitute—

a

if the period or periods mentioned in sub-paragraph (3)(c) together form a period of 12 months, 5%; or

iii

in paragraph (b) for “that period” substitute “those periods”.