Part 1 Revaluation of Accrued Pension Benefits
Pensions Act 2008 (2008 c 30) | Legislation

SCHEDULE 2 Revaluation of Accrued Benefits etc

Section 101

Part 1 Revaluation of Accrued Pension Benefits

Amendments to Schedule 3 to the 1993 Act

1

This Part makes amendments to Schedule 3 to the Pension Schemes Act 1993 (c 48) (methods of revaluing accrued pension benefits).

2

In paragraph 1 (the final salary method), for sub-paragraphs (1) to (3) substitute—

“(1)     The final salary method is to add to the amount that would be payable but for Chapter 2 of Part 4, or regulations made under it, the additional amount specified in sub-paragraph (1A), (1B), (1C) or (1D) (whichever applies).

(1A)     Where—

(a)     the termination of pensionable service occurs before 1st January 1991, and

(b)     the whole of the member's pensionable service falls on or after 1st January 1985,

the additional amount is the appropriate higher revaluation percentage of the accrued benefit.

(1B)     Where—

(a)     the termination of pensionable service occurs before 1st January 1991, and

(b)     some of the member's pensionable service falls before 1st January 1985,

the additional amount is such proportion of the appropriate higher revaluation percentage of the accrued benefit as the member's pensionable service falling on or after

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