Paragraph 17

This paragraph applies for the purposes of paragraph 15(4)(c).

The second revaluation period is the period which—

The revaluation amount for the second revaluation period is—

For the purposes of sub-paragraph (3)(b)—

In sub-paragraph (3)—

• “the higher revaluation percentage” means the lesser of—

  1. (a)

     the percentage increase in the general level of prices in Great Britain during the revaluation period determined in the prescribed manner (“the inflation percentage”), and

  2. (b)

     the higher maximum revaluation rate;

• “the lower revaluation percentage” means the lesser of—

  1. (a)

     the inflation percentage, and

  2. (b)

     the lower maximum revaluation rate;

• “the relevant amount” means the aggregate of—

  1. (a)

     the accrued amount, and

  2. (b)

     the revaluation amount for the first revaluation period (see paragraph 16).

For the purposes of sub-paragraph (3)—

• “the higher maximum revaluation rate”, in relation to the second revaluation period, is—

  1. (a)

     if that period is a period of 12 months, 5%, and

  2. (b)

     in any other case, the percentage that would be the inflation percentage had the general level of prices in Great Britain increased at the rate of 5% compound per annum during that period;

• “the lower maximum revaluation rate”, in relation to the second revaluation period, is—

  1. (a)

     if that period is a period of 12 months, 2.5%, and

  2. (b)

     in any other case, the percentage that would be the inflation percentage had the general level of prices in Great Britain increased at the rate of 2.5% compound per annum during that period.

This is subject to paragraph 29 (power of Board to determine maximum revaluation rates etc).

In this paragraph “the deferred member”, “the accrued amount” and “the pension” are to be construed in accordance with paragraph 15.