Regulation 4 Hybrid benefits

(1)

This regulation applies to hybrid benefits.

F1(2)

In this regulation, “hybrid benefit” means a benefit the rate or amount of which is calculated by reference to the greatest, or smallest, of two or more benefits.

(3)

F2Chapter II of Part IV of the Act is modified so as to require that—

(a)

before deciding which benefit is the greatest or smallest, each benefit must be revalued in accordance with whichever method applies to it in accordance with section 84 of the Act, and

(b)

the rate or amount of the hybrid benefit must be calculated by reference to the greatest, or smallest, of those benefits as revalued.

Annotations

Textual amendments

F1: Reg. 4(2) substituted (25.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 28(2)
F2: Words in reg. 4(3) substituted (12.5.1994) by The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 (S.I. 1994/1062), reg. 1(2), Sch. 2 para. 31(4)(b)