2.—(1) In Article 43A (protection of earners' pensions), in paragraph (1C) (which defines “the relevant aggregate”), after sub-paragraph (c) add
“and
(d)in the case of an earner whose later earnings level is higher than his termination earnings level, the later earnings addition.”
(2) After paragraph (2) insert the following paragraphs—
“(2A) In this Article “the later earnings addition” means an amount equal to the difference between the relevant sum and what that sum would have been had the benefits in question been calculated by reference to the earner’s later earnings level.
(2B) In this Article—
“later earnings level” means the level of earnings by reference to which the benefits which constitute the relevant sum would have been calculated had the termination of employment date fallen on the cessation date;
“termination earnings level” means the level of earnings by reference to which those benefits would have been calculated had the cessation date fallen on the termination of employment date; and
“the cessation date” means the earlier of—
the date on which the earner ceased to be employed in relevant employment; and
the relevant date, within the meaning of paragraph (1).”.
(3) In paragraph (11) (definitions) for “short service benefit is” substitute ““relevant employment” and “short service benefit” are”.