The Pension Protection Fund (Revaluation Amendments) Regulations 2011

Insertion of regulation 15B

6.  After regulation 15A (modification of Schedule 7 for schemes with no revaluation) insert—

“Determination of the revaluation percentage in respect of certain periods

15B.— (1) This regulation applies where any revaluation period referred to in regulations 13 and 15 includes a period which falls before 31st March 2011.

(2) Where this regulation applies, revaluation in respect of the period which falls before 31st March 2011 shall be determined in accordance with regulations 13 and 15 as modified by paragraph (4).

(3) Where this regulation applies, revaluation in respect of the period which begins on 31st March 2011 shall be determined in accordance with regulations 13 and 15 as modified by paragraph (5).

(4) For the purposes of paragraph (2)—

(a) regulation 13 is modified as follows—

(i) omit the words “Subject to regulation 15B,”; and

(ii) for paragraphs (a) and (b) substitute—

“(a) A is the level of the retail prices index for January 2011; and

(b) B is the level of the retail prices index for the month which falls two months before the month during which the assessment date falls.”; and

(b) regulation 15 is modified as follows—

(i) omit the words “Subject to regulation 15B,”; and

(ii) for paragraphs (a) and (b) substitute—

“(a) A is the level of the retail prices index for January 2011; and

(b) B is the level of the retail prices index for the month which falls two months before the month during which the assessment date falls.”.

(5) For the purposes of paragraph (3)—

(a) regulation 13 is modified as follows—

(i) omit the words “Subject to regulation 15B,”; and

(ii) for paragraph (b) substitute—

“(b) B is the level of the general level of prices in Great Britain for January 2011 determined in such manner as the Secretary of State may from time to time decide.”; and

(b) regulation 15 is modified as follows—

(i) omit the words “Subject to regulation 15B,”; and

(ii) for paragraph (b) substitute—

“(b) B is the level of the general level of prices in Great Britain for January 2011 determined in such manner as the Secretary of State may from time to time decide.”.”.