20Pension compensation: annual increases in periodic compensation
(1)In Schedule 7 to the Pensions Act 2004 (pension compensation provisions) paragraph 28 (annual increase in periodic compensation) is amended as follows.
(2)In sub-paragraph (3) in paragraph (a) of the definition of “appropriate percentage” for “retail prices index” substitute “general level of prices in Great Britain”.
(3)After sub-paragraph (3) insert—
“(3A)For the purposes of paragraph (a) of the definition of “appropriate percentage” in sub-paragraph (3), the Secretary of State may (from time to time) decide, as the Secretary of State thinks fit, the manner in which percentage increases in the general level of prices in Great Britain are to be determined.
(3B)The Secretary of State must publish any decision made under sub-paragraph (3A).”
(4)In paragraph 37(1) of that Schedule (definitions) omit the definition of “retail prices index”.
(5)In Schedule 5 to the Pensions Act 2008 (pension compensation payable on discharge of pension compensation credit) paragraph 17 (annual increase in periodic compensation) is amended as follows.
(6)In sub-paragraph (4) in paragraph (a) of the definition of “the appropriate percentage” for “retail prices index” substitute “general level of prices in Great Britain”.
(7)After sub-paragraph (4) insert—
“(4A)For the purposes of paragraph (a) of the definition of “the appropriate percentage” in sub-paragraph (4), the Secretary of State may (from time to time) decide, as the Secretary of State thinks fit, the manner in which percentage increases in the general level of prices in Great Britain are to be determined.
(4B)The Secretary of State must publish any decision made under sub-paragraph (4A).”