Revaluation of preserved benefit
8.—(1) Chapter 2 of Part 4 of the 1993 Act (protection for early leavers: revaluation of accrued benefits excluding guaranteed minimum payment) is modified as follows.
(2) In the application of Chapter 2 for the purpose of revaluing benefit payable to or in respect of P under the old scheme—
(a)in section 83(1)(a)(ii)(1) (scope of Chapter 2), the reference to the date on which P’s pensionable service ends is to be taken as a reference to the date on which P’s pensionable service ends in relation to the new scheme; and
(b)subsequent references in that Chapter to “the termination date” and the “pre-pension period” are to be construed accordingly.
Section 83 was amended by section 84(1) of, and paragraphs 28 and 31 of Schedule 12 to, the Welfare Reform and Pensions Act 1999 (c.30). It was amended further in relation to the definition of “normal pension age” by section 27 of, and paragraphs 18 and 20 of Schedule 8 to, the Public Service Pensions Act 2013 (c.25).