Paragraph 4 F1

(1)

Where a pension commenced to be paid less than twelve months before the date on which its first increase under paragraph 2 above is to take effect, the amount of that first increase shall be determined by the application of the formula—

\frac{M \times I}{12}

Where—

M
is the number of complete months in the period beginning with the commencement of the pension and ending immediately before that date; and
I
is the amount of the increase that would have been required by that paragraph, apart from this sub-paragraph.

(2)

This paragraph shall apply in relation to the first increase of a pension by virtue of paragraph 3 above in consequence of each successive valuation surplus as it applies in relation to the first increase of a pension under paragraph 2 above.

Annotations

Textual amendments

F1: Sch. 3A repealed (7.2.1994) by 1993 c. 48, s. 188(1), Sch. 5 Pt.I; S.I. 1994/86, art. 2

Notes on Schedule 3A

Textual amendments

F2: Sch. 3A inserted (prosp.) by Sch. 2 to Social Security Act 1990 (c. 27)