Section 281 — Pensions Act 2004: Exemption from statutory revaluation requirement

Exemption from statutory revaluation requirement 281 1 Section 84 of the Pension Schemes Act 1993 (c. 48) (basis of revaluation) is amended as follows.

2 In subsection (5), after paragraph (a) insert or b under any arrangement which maintains the value of the pension or other benefit by reference to the rise in the retail prices index during that period, .

3 After that subsection add— 6 In subsection (5)(b), “ retail prices index ” means—

a the general index of retail prices (for all items) published by the Office for National Statistics, or b where that index is not published for a month, any substituted index or figures published by that Office.