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Pensions Act 2004
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- UK Public General Acts
- 2004 c. 35
- SCHEDULE 7
- Paragraph 17
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Deferred members who have not attained normal pension age at assessment date
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17(1)This paragraph applies for the purposes of paragraph 15(4)(c).
(2)The second revaluation period is the period which—
(a)begins with the assessment date, and
(b)ends with the day before the day on which the deferred member attains normal pension age in respect of the pension.
(3)The revaluation amount for the second revaluation period is—
(a)where that period is less than one month, nil, and
(b)in any other case the revaluation percentage of the aggregate of—
(i)the accrued amount, and
(ii)the revaluation amount for the first revaluation period (see paragraph 16).
(4)In sub-paragraph (3) “the revaluation percentage” means the lesser of—
(a)the percentage increase in the general level of prices in Great Britain during the second revaluation period determined in the prescribed manner, and
(b)the maximum revaluation rate.
(5)For the purposes of sub-paragraph (4)(b) “the maximum revaluation rate”, in relation to the second revaluation period, is—
(a)if that period is a period of 12 months, 5%, and
(b)in any other case, the percentage that would be the percentage mentioned in sub-paragraph (4)(a) had the general level of prices in Great Britain increased at the rate of 5% compound per annum during that period.
This is subject to paragraph 29 (power of Board to determine maximum revaluation rate).
(6)In this paragraph “the deferred member”, “the accrued amount” and “the pension” are to be construed in accordance with paragraph 15.
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