Hybrid benefits4
1
This regulation applies to hybrid benefits.
2
In this regulation, “hybrid benefit” means a benefit the rate or amount of which is calculated by reference to the greatest, or smallest, of two or more of the following—
a
an average salary benefit,
b
a flat rate benefit,
c
a money purchase benefit, and
d
some other benefit to which paragraph 2 of Schedule 1A applies.
3
Schedule 1A is modified so as to require that—
a
before deciding which benefit is the greatest or smallest, each benefit must be revalued in accordance with whichever of paragraphs 2 to 5 of Schedule 1A applies to it, and
b
the rate or amount of the hybrid benefit must be calculated by reference to the greatest, or smallest, of those benefits as revalued.