Paragraph 20

England, Wales and Scotland

(1)

The Board may determine the percentage that is to be—

(a)

the maximum revaluation rate for the purposes of paragraph 8(4)(b);

(b)

the appropriate percentageF1—

(i)

of the pre-1997 underlying rate and of the notional pre-1997 underlying rate for the purposes of sub-paragraphs (2E) and (2F) of paragraph 17;

(ii)

of the post-1997 underlying rate for the purposes of sub-paragraphs (2E), (2F) and (2G) of that paragraph;

(iii)

of the general underlying rate for the purposes of sub-paragraph (2H) of that paragraph.

(2)

Before making a determination under this paragraph the Board must—

(a)

consult such persons as it considers appropriate, and

(b)

publish details of the proposed determination in such manner as it considers appropriate and consider any representations made in respect of it.

(3)

The rate determined under this paragraph may be nil.

(4)

A determination under this paragraph may be expressed so as to have effect for a limited period.

(5)

A determination under sub-paragraph (1)(b)—

(a)

has effect in relation to future increases under paragraph 17 only, and

(b)

may be expressed to have effect—

(i)

in all cases (whether the entitlement to the periodic compensation first arose before or after the date the determination is made), or

(ii)

only in cases where entitlement to the periodic compensation first arose on or after a date determined by the Board.

F2(5A)

A determination under sub-paragraph (1)(b) which has effect as mentioned in sub-paragraph (5)(b)(ii) may provide that, where the payment of periodic compensation to the transferee is postponed by virtue of paragraph 16A, the determination applies as if the transferee first becomes entitled to the periodic compensation on the day on which the periodic compensation commences.

(6)

Notice of any determination under this paragraph must be published in such manner as the Board considers appropriate.

Annotations

Textual amendments

F1: Sch. 5 para. 20(1)(b)(i)-(iii) substituted for words (29.4.2026 for specified purposes) by Pension Schemes Act 2026 (c. 22), ss. 109(6), 133(1)(9)
F2: Sch. 5 para. 20(5A) inserted (13.3.2013) by Pensions Act 2011 (c. 19), s. 38(4), Sch. 4 para. 36; S.I. 2013/585, art. 2(b)(iii)

Notes on Schedule 5

Modifications

C1: Sch. 5 applied (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c 19 - see S.I. 2014/1683, art. 2