Regulation 4 Amendment to the Occupational Pension Schemes (Revaluation) Regulations 1985

Regulation 10 of the Occupational Pension Schemes (Revaluation) Regulations 1985^f1 (retirement benefits varied at state pension age) is replaced with the following–

“Retirement benefits varied at state pension age

10

(1)

In a case where a scheme provides that the pension or other retirement benefit payable under the scheme to a member at normal pension age is to be varied at state pension age (that is, age 60 years for a woman or age 65 years for a man), Schedule 1A to the Social Security Pensions Act 1975 shall have effect subject to the modifications specified in paragraphs (2) and (3) of this regulation.

(2)

From the date on which the member attains normal pension age to the date on which the member attains state pension age, the appropriate amount is to be calculated as if D in the formula set out in paragraph 2(2) referred to the amount of the pension or other retirement benefit payable at normal pension age.

(3)

On the member’s attaining state pension age, the appropriate amount to be added to the pension or other retirement benefit payable to the member after that date is to be calculated using the formula set out in paragraph 2(2) as if D in that formula referred to the amount of the pension or other benefit payable at state pension age.”.