Pension compensation sharing: postponement of compensation
35(1)Paragraph 17 (annual increase in periodic compensation) is amended as follows.
(2)In sub-paragraph (4) in the definition of “the underlying rate”—
(a)omit “and” at the end of paragraph (a), and
(b)after that paragraph insert—
“(aa)so much of any actuarial increase under paragraph 16A as relates to the amount in paragraph (a), and”.
(3)In sub-paragraph (7)—
(a)after “references in” insert “paragraph (a) of”, and
(b)at the end insert “(and paragraph (aa) of the definition applies accordingly).”
(4)After sub-paragraph (7) insert—
“(7A)Where the commencement of periodic compensation has been postponed by virtue of paragraph 16A, this paragraph applies as if the transferee first becomes entitled to the periodic compensation on the day on which the periodic compensation commences.”