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

3.—(1) Paragraph 2 (the revaluation percentage and the appropriate revaluation percentage) is amended as follows.

(2) In sub-paragraph (1)—

(a) for “a revaluation percentage” substitute “a higher revaluation percentage and a lower revaluation percentage”;

(b) for “a corresponding revaluation percentage” substitute “a corresponding higher revaluation percentage and a corresponding lower revaluation percentage”.

(3) For sub-paragraph (3) substitute—

“(3) In paragraph 1—

“the appropriate higher revaluation percentage” means the higher revaluation percentage specified in the last calendar year before the date on which the member attains normal pension age as the higher revaluation percentage for the revaluation period which is of the same length as the number of complete years in the pre-pension period;

“the appropriate lower revaluation percentage” has a corresponding meaning.”.