Regulation 6 Amendment of the principal Regulations

In Schedule 2 to the principal Regulations, for paragraph 11 there shall be substituted the following paragraph:–

“Determination of total overseas increase on notional pension

11

The total overseas increase on the notional pension shall be determined as follows:–

(a)

all the overseas increases on all the pensions comprised in the notional pension shall be added together;

(b)

where the notional pension includes any pensions to which regulation 19A applies, any exchange rate losses determined under regulation 19A in respect of those pensions shall be added together; and

(c)

the total overseas increase shall be the amount determined under sub-paragraph (a) less the amount determined under sub-paragraph (b), so far as not exceeding the amount determined under sub-paragraph (a).”.