The Pension Protection Fund (Compensation) Regulations 2005

[F1 Determination of the revaluation percentage in respect of certain periods E+W+S

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).

[F2 (3A) Where this regulation applies and it is unclear whether any particular—

(a) pensionable service (whether actual or notional) is to be treated for the purposes of the scheme as service falling before 31st March 2011 (to be revalued in accordance with paragraph (2)), or service falling on or after that date (to be revalued in accordance with paragraph (3)); or

(b) pension credit rights are derived from rights attributable to pensionable service of the transferor (whether actual or notional) falling before 31st March 2011, or from rights attributable to pensionable service falling on or after that date,

revaluation shall be determined in accordance with regulations 13 and 15 as modified by paragraphs (4) to (6).]

(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.”; and

(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.”; and

(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.”.]

[F3 (6) For the purposes of paragraph (3A) regulations 13 and 15 are modified as follows—

(a) each regulation becomes paragraph (1) of that regulation; and

(b) after paragraph (1) of each regulation, insert—

“(2) In any case where it is unclear whether—

(a) any particular pensionable service (whether actual or notional) is to be treated for the purposes of the scheme as service falling before 31st March 2011, or service falling on or after that date; or

(b) pension credit rights are derived from rights attributable to pensionable service of the transferor (whether actual or notional) falling before 31st March 2011, or from rights attributable to pensionable service falling on or after that date,

the Board may determine as best as it is able, having regard to the admissible rules and all the circumstances of the case, how much of the service or notional service concerned should be treated for the purposes of this regulation as having occurred before 31st March 2011 and how much on or after that date.”.]

Textual Amendments

F1 Reg. 15B and cross-heading inserted (31.3.2011) by The Pension Protection Fund (Revaluation Amendments) Regulations 2011 (S.I. 2011/554), regs. 1, 6

F2 Reg. 15B(3A) inserted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 60(4)(a) (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

F3 Reg. 15B(6) inserted (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 60(4)(b) (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