No increase1 is required to be made, at any time on or after the relevant date2, of so much of any pension under a money purchase scheme3 as: (1) is payable by way of an annuity the amount of which for any year after the first year of payment is determined (whether under the terms of the scheme or under the terms of the annuity contract in pursuance of which it is payable) by reference to fluctuations in the value of, or the return from, particular investments; and (2) satisfies such other conditions, if any, as may be prescribed4.
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