SCHEDULES
SCHEDULE 4PENSION COMPENSATION PAYABLE ON DISCHARGE OF PENSION COMPENSATION CREDIT
PART 3TRANSFEREE ATTAINS PENSION COMPENSATION AGE AFTER TRANSFER DAY
Revaluation
8
1
This paragraph applies for the purpose of calculating the revaluation amount mentioned in paragraph 6(3)(b).
2
In this paragraph “the revaluation period” means the period—
a
beginning with the transfer day, and
b
ending with the day before the transferee attains pension compensation age.
3
The revaluation amount is—
a
in a case in which the revaluation period is less than a month, nil;
b
in any other case, the revaluation percentage of the initial annual rate of compensation.
4
For the purposes of sub-paragraph (3)(b) “the revaluation percentage” means the lesser of—
a
the percentage increase referred to in paragraph 8(4)(a) of Schedule 5 to the Pensions Act 2008, and
b
the maximum revaluation rate.
5
For the purposes of sub-paragraph (4)(b) “the maximum revaluation rate” is—
a
in a case in which the revaluation period is a period of 12 months, 2.5%, and
b
in any other case, the percentage referred to in paragraph 8(5)(b) of Schedule 5 to the Pensions Act 2008.
This is subject to paragraph 20 (power of Board to alter rates of revaluation and indexation).