Pensions (Amendment) Act, 1996

Amendment of Part B of Second Schedule to Principal Act.

41.—Part B of the Second Schedule to the Principal Act is hereby amended by—

(a) in subparagraph (1) of paragraph 4, the substitution for “the previous revaluation year” of “the previous calendar year (or as at the date of termination of relevant employment in any case where a member's relevant employment has terminated since the last day of the previous calendar year)”,

(b) in subparagraph (2) of paragraph 4, the substitution for “the previous revaluation year” of “the previous calendar year (or as at the date of termination of relevant employment in any case where a member's relevant employment has terminated since the last day of the previous calendar year)”,

(c) the insertion after subparagraph (2) of paragraph 4 of the following proviso:

“provided that in any case where a member's relevant employment has terminated since the last day of the previous calendar year R is X/twelfths of the revaluation percentage where X is the number of complete months from the date on which the member's relevant employment terminated to the end of the revaluation year.”,

(d) the substitution for subparagraph (2) of paragraph 6 of the following subparagraph:

“(2) Any preserved benefit provided under a scheme to which subparagraph (1) applies shall be revalued in accordance with paragraph 4 provided that, where the trustees of the scheme consider that by revaluing a preserved benefit in such a manner a member whose service in relevant employment has terminated would be treated more favourably than a member who remains in reckonable service in relation to the period of reckonable service to which the preserved benefit applies, they may revalue the preserved benefit on such other basis and such other dates as they consider just and equitable.”.