SCHEDULES
SCHEDULE 29Further provision about pension schemes
Benefit crystallisation event 3
9
1
Paragraph 11 (benefit crystallisation event 3: permitted margin) is amended as follows.
2
In sub-paragraph (6)—
a
for “month in which the individual becomes entitled to payment of the pension at the increased rate” substitute “
reference month
”
, and
b
for “month in which the individual became entitled to the pension” substitute “
base month
”
.
3
After sub-paragraph (7) insert—
7A
The scheme administrator may select as the reference month any month in the period of 12 months ending with the month in which the individual becomes entitled to payment of the pension at the increased rate.
7B
The base month is the month which is the same number of months before the month in which the individual became entitled to the pension, as the reference month is before the month in which the individual becomes entitled to payment of the pension at the increased rate.