The Pension Protection Fund (Revaluation Amendments) Regulations 2011

• Citation: S.I. 2011/554
• Sections: 6

Section 1 Citation and commencement

These Regulations may be cited as the Pension Protection Fund (Revaluation Amendments) Regulations 2011 and shall come into force on 31st March 2011.

Section 2 Amendment of the Pension Protection Fund (Compensation) Regulations 2005

The Pension Protection Fund (Compensation) Regulations 2005 are amended in accordance with regulations 3 to 6.

Section 3 Insertion of regulation 12A

In Part 5, before regulation 13 (manner of determining the revaluation percentage in the case of active members who have not attained normal pension age at assessment date) insert—

(12A) In this Part, where the Secretary of State makes a decision about the manner in which the general level of prices in Great Britain is to be determined, the Secretary of State shall publish that decision.

Section 4 Amendment of regulation 13

In regulation 13—

(a) at the beginning insert “Subject to regulation 15B,”; and

(b) in each place in which it occurs, for “retail prices index” substitute “general level of prices in Great Britain determined in such manner as the Secretary of State may from time to time decide”.

Section 5 Amendment of regulation 15

In regulation 15 (manner of determining the higher revaluation percentage in the case of deferred members who have not attained normal pension age at assessment date)—

(a) at the beginning insert “Subject to regulation 15B,”; and

(b) in each place in which it occurs, for “retail prices index” substitute “general level of prices in Great Britain determined in such manner as the Secretary of State may from time to time decide”.

Section 6 Insertion of regulation 15B

After regulation 15A (modification of Schedule 7 for schemes with no revaluation) insert—

Determination of the revaluation percentage in respect of certain periods

(15B)

(1) This regulation applies where any revaluation period referred to in regulations 13 and 15 includes a period which falls before 31st March 2011.

(2) Where this regulation applies, revaluation in respect of the period which falls before 31st March 2011 shall be determined in accordance with regulations 13 and 15 as modified by paragraph (4).

(3) Where this regulation applies, revaluation in respect of the period which begins on 31st March 2011 shall be determined in accordance with regulations 13 and 15 as modified by paragraph (5).

(4) For the purposes of paragraph (2)—

(a) regulation 13 is modified as follows—

(i) omit the words “Subject to regulation 15B,”; and

(ii) for paragraphs (a) and (b) substitute—

(a) A is the level of the retail prices index for January 2011; and

(b) B is the level of the retail prices index for the month which falls two months before the month during which the assessment date falls.

(b) regulation 15 is modified as follows—

(i) omit the words “Subject to regulation 15B,”; and

(ii) for paragraphs (a) and (b) substitute—

(a) A is the level of the retail prices index for January 2011; and

(b) B is the level of the retail prices index for the month which falls two months before the month during which the assessment date falls.

(5) For the purposes of paragraph (3)—

(a) regulation 13 is modified as follows—

(i) omit the words “Subject to regulation 15B,”; and

(ii) for paragraph (b) substitute—

(b) B is the level of the general level of prices in Great Britain for January 2011 determined in such manner as the Secretary of State may from time to time decide.

(b) regulation 15 is modified as follows—

(i) omit the words “Subject to regulation 15B,”; and

(ii) for paragraph (b) substitute—

(b) B is the level of the general level of prices in Great Britain for January 2011 determined in such manner as the Secretary of State may from time to time decide.