391. Revaluation of accrued benefits: basis of revaluation.

Provision has been made for the purpose of revaluing:


    (1)     relevant benefits1 payable to or in respect of a member2 of an occupational pension scheme3 where:


      (a)     his pensionable service4 ends on or after 1 January 19865;


      (b)     on the date on which his pensionable service ends ('the termination date') he has accrued rights6 to benefit under the scheme7;


      (c)     the period beginning with the day after the termination date and ending with the date on which he attains normal pension age8 ('the pre-pension period') is at least 365 days9; and


      (d)     in the case of benefit payable to

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