Pension Schemes Act 1993

[F12A(1)This paragraph applies to the pension or other benefit if the rules of the scheme under which it is payable contain a requirement that the accrued benefit be revalued by adding to the accrued benefit an amount of at least the relevant amount.E+W+S

(2)“The accrued benefit” has the same meaning as in paragraph 1.

(3)“The relevant amount” means the amount which, ignoring paragraph 1(5) and (6), would be the additional amount specified in paragraph 1(1A), (1B), (1C) or (1D) (as the case may be) were the appropriate higher revaluation percentage and the appropriate lower revaluation percentage to be determined on the following basis.

(4)The higher revaluation percentage and the lower revaluation percentage for the revaluation period mentioned in paragraph 2(7) are to be taken to be the percentages which would have been specified in the Secretary of State's order—

(a)had the following been substituted for paragraph 2(3)(a)—

“(a)the percentage increase in the retail prices index for the reference period in relation to the revaluation period (“the inflation percentage”), and”,

(b)had, in paragraph 2(3A)(a), the words “the percentage which appears to the Secretary of State to be” been omitted,

(c)had paragraph 2(4) been omitted,

(d)had, in paragraph 2(5), the words “sub-paragraph (3)(a)” been substituted for “that sub-paragraph”,

(e)had, in paragraph (b) of the definitions of “the higher maximum rate” and “the lower maximum rate” in paragraph 2(6), the words “retail prices index” been substituted for “general level of prices”, and

(f)had the following been inserted after paragraph 2(6)—

“(6A)In this paragraph “retail prices index” means—

(a)the general index of retail prices (for all items) published by the Statistics Board (or any predecessor), or

(b)where that index is not published for a month, any substituted index or figures published by the Board (or any predecessor).”]

Textual Amendments