4.—(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.