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This is the original version (as it was originally enacted).
(1)Scheme regulations may establish a scheme under section 1 as—
(a)a defined benefits scheme,
(b)a defined contributions scheme, or
(c)a scheme of any other description.
(2)A scheme under section 1 which is a defined benefits scheme must be—
(a)a career average revalued earnings scheme, or
(b)a defined benefits scheme of such other description as Treasury regulations may specify.
(3)Treasury regulations may not specify a final salary scheme under subsection (2)(b).
(4)A scheme under section 1 is a “career average revalued earnings scheme” if—
(a)the pension payable to or in respect of a person, so far as it is based on the person's pensionable service, is determined by reference to the person's pensionable earnings in each year of pensionable service, and
(b)those earnings, or a proportion of those earnings accrued as a pension, are under the scheme revalued each year until the person leaves pensionable service.
(5)Treasury regulations under this section are subject to the negative Commons procedure.
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