(1)The first increase required by section 162 in the rate of a pension must take effect not later than the first anniversary of the date on which the pension is first paid; and subsequent increases must take effect at intervals of not more than twelve months.
(2)Where the first such increase is to take effect on a date when the pension has been in payment for a period of less than 12 months, the increase must be of an amount at least equal to one twelfth of the amount of the increase so required (apart from this subsection) for each complete month in that period.
(3)In section 162 and this section—
“annual rate”, in relation to a pension, means the annual rate of the pension, as previously increased under the rules of the scheme or under section 162,
“the appointed day” means the day appointed under section 180 for the commencement of section 162,
“appropriate percentage”, in relation to an increase in the whole or part of the annual rate of a pension, means the revaluation percentage for the revaluation period the reference period for which ends with the last preceding 30th September before the increase is made (expressions used in this definition having the same meaning as in paragraph 2 of Schedule 3 to the [1993 c. 48.] Pension Schemes Act 1993 (methods of revaluing accrued pension benefits)),
“pension”, in relation to a scheme, means any pension in payment under the scheme and includes an annuity,
“protected rights” has the meaning given by section 10 of the Pension Schemes Act 1993 (money purchase benefits).