The Pensions (Northern Ireland) Order 2005

Revaluation

Exemption from statutory revaluation requirement

258.—(1) Section 80 of the Pension Schemes Act (basis of revaluation) is amended as follows.

(2) In subsection (5), after paragraph (a) insert

“or

(b) under any arrangement which maintains the value of the pension or other benefit by reference to the rise in the retail prices index during that period,”.

(3) After that subsection add—

“(6) In subsection (5)(b), “retail prices index” means—

(a) the general index of retail prices (for all items) published by the Office for National Statistics; or

(b) where that index is not published for a month, any substituted index or figures published by that Office.”.