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Amendment of section 33 of Principal Act.
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23.— Section 33 of the Principal Act is amended—
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(a) in subsection (4) by substituting “adjusted” for “increased”,
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(b) by substituting the following subsection for subsection (5):
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“(5) The percentage prescribed under subsection (4) in respect of a revaluation year shall be—
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(a) in respect of a revaluation year ending on or before 31 December 2012—
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(i) the percentage that equals the increase in the general level of consumer prices during that year calculated by the Minister in such manner as he or she thinks appropriate, or
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(ii) 4 per cent,
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whichever is the lesser, and
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(b) in respect of a revaluation year ending on or after 1 January 2013—
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(i) the percentage that equals the increase or decrease in the general level of consumer prices during that year calculated by the Minister in such manner as he or she thinks appropriate, or
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(ii) 4 per cent,
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whichever is the lesser.”,
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(c) by substituting the following subsection for subsection (6):
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“(6) The Minister may by regulations—
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(a) vary the percentage specified in subparagraph (ii) of subsection (5)(a) or subparagraph (ii) of subsection (5)(b), but any such variation shall not apply in the case of a preserved benefit the entitlement to which arises before the date of the making of the regulations concerned, and
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(b) increase the percentage specified in subparagraph (ii) of subsection (5)(b) in respect of any revaluation year to wholly or partly take account of any negative percentage prescribed under subsection (5)(b) in a previous revaluation year in respect of a member whose benefit had previously been adjusted by that negative percentage.”,
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and
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(d) in subsection (7) by substituting “change” for “increase”.
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