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

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This is the original version (as it was originally enacted).

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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).

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