Regulation 37 Test scheme: requirements to revalue accrued benefits and increase pensions in payment

(1)

Paragraph (2) applies for the purposes of section 23(1)(b) (test scheme) of the Act.

(2)

The following must be satisfied in relation to a test scheme—

(a)

the requirements of section 84(1) (basis of revaluation) of the 1993 Act; and

(b)

the requirements of section 51 (annual increase in rate of pension) of the 1995 Act^f1.

(3)

For the purposes of paragraph (2)(a), section 84(1) of the 1993 Act shall have effect as if the words “Subject to subsections (2) and (3),” were omitted.

Annotations

Footnotes

f1: Section 51 was amended by paragraph 51 of Schedule 12 to the Welfare Reform and Pensions Act 1999 (c.30), section 51(1) of the Child Support, Pensions and Social Security Act 2000 (c.19), section 278 of the Pensions Act 2004 (c.35) and S.I. 2006/745.