391. Revaluation of accrued benefits: basis of revaluation.

(2)     Revaluation of Accrued Benefits

391.     Revaluation of accrued benefits: basis of revaluation.

Provision has been made for the purpose of revaluing:

  1.  

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

    1.  

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

    2.  

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

    3.  

      (c)     the period beginning with the day after the termination date and ending with the date on which he attains normal pension age8