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Amendment of Third Schedule to Pensions Act.
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64.—Paragraph 4 (b) of the Third Schedule to the Pensions Act is hereby amended—
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(a) by the substitution in clause (i) of “clause (ii)” for “clause (iii)”, and
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(b) by the substitution for clauses (ii) and (iii) of the following clause:
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“(ii) in the case of a defined benefit scheme where the rate or amount of part of the long service benefit payable thereunder is directly determined by an amount of contribution paid by or in respect of the member of the scheme—
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(I) in so far as it relates to such part of the long service benefit, a benefit whose actuarial value is equal to the then accumulated value of the contributions paid by or in respect of the member of the scheme for the purpose of long service benefit prior to the commencement of Part IV, and
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(II) in so far as it relates to the remaining part of long service benefit, a benefit calculated in accordance with clause (i).”.
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