Explanatory Memorandum

Pensions (No. 2) Act (Northern Ireland) 2008

2008 CHAPTER 13

15 December 2008

Commentary on Sections

PART 2 - Simplification

Section 80: Revaluation of accrued benefits etc

This section introduces Schedule 1 which amends the method of revaluing the accrued pension benefits of deferred members in certain occupational pension schemes and also amends related arrangements applying to pension compensation payable by the Pension Protection Fund.

The amended revaluation arrangements do not apply to revaluation periods ending before the section comes into operation.