Regulation 18 Amendment of Superannuation Regulations

In paragraph 18 for sub-paragraph (b) substitute–

“(b)

where the election is made between 1 April 2008 and 22 June 2010, A x RPI1/RPI2 rounded to the nearest £100 where—

(i)

A is the maximum amount of increased retirement pension for the financial year before the financial year in which the election is made (whether determined under this paragraph or under paragraph 19),

(ii)

RPI1 is the retail prices index for the month of February in the financial year before the financial year in which the election is made, and

(iii)

RPI2 is the retail prices index for the month of February in the second financial year before the financial year in which the election is made (or the index for April 2007 where the financial year before the financial year in which the election is made is the period starting on 1st April 2007 and ending on 31st March 2008).

(c)

where the election is made after 22 June 2010, A x CPI1/CPI2 rounded to the nearest £100 where—

(i)

A is the maximum amount of increased retirement pension for the financial year before the financial year in which the election is made (whether determined under this paragraph or under paragraph 19),

(ii)

CPI1 is the consumer prices index for the month of February in the financial year before the financial year in which the election is made, and

(iii)

CPI2 is the consumer prices index for the month of February in the second financial year before the financial year in which the election is made.”.

For paragraph 21 substitute—

“21.

For the purposes of paragraph 20 the factor is—

(a)

in relation to an election made on or before 22nd June 2010, RPI1/RPI2 where—

(i)

RPI1 is the retail prices index for the month of February in the financial year before the financial year in which the new election is made, and

(ii)

RPI2 is the retail prices index for the month of February in the financial year before the financial year in which the start date in relation to the previous election in question election fell (or the index for April 2007, where the start date in relation to that election fell in the financial year starting on 1st April 2007 and ending on the 31st March 2008).

(b)

in relation to an election made after 22nd June 2010, CPI1/CPI2, where–

(i)

CPI1 is the consumer prices index for the month of February in the financial year before the financial year in which the new election is made, and

(ii)

CPI2 is the consumer prices index for the month of February in the financial year before the financial year in which the start date in relation to the previous election in question election fell.”.