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where—
P is the amount of preserved benefit as at the last day of the previous calendar year (or as at the date of termination of relevant employment in any case where a member's relevant employment has terminated since the last day of the previous calendar year), and
R is the revaluation percentage:
Provided that in any case where a member's relevant employment has terminated since the last day of the previous calendar year R is X/twelfths of the revaluation percentage where X is the number of complete months from the date on which the member's relevant employment terminated to the end of the revaluation year.
6. (1) This paragraph applies to a scheme which provides long service benefit the rate or amount of which is calculated by reference to—
(a) the member's average pensionable earnings over the period of service on which such benefit is based, or
(b) the member's total pensionable earnings over the period of service on which such benefit is based.
(2) Any preserved benefit provided under a scheme to which this paragraph applies shall be revalued—
(a) by revaluing the pensionable earnings of the member concerned during each revaluation year in any manner in which they could have been revalued during that year if the member had remained in the same reckonable service, or
(b) in accordance with paragraph 5,
whichever the trustees of the scheme consider appropriate.
7. (1) This paragraph applies to a scheme which provides long service benefit—
(a) the rate or amount of which is calculated by reference solely to the member's length of service, or
(b) which is of a fixed amount.
(2) Any preserved benefit provided under a scheme to which subparagraph (1) applies shall be revalued in accordance with paragraph 5, provided that where the trustees of a scheme consider that by revaluing a preserved benefit in such a manner that a member whose service in relevant employment has terminated would be treated more favourably than a member who remains in reckonable service in relation to the period of reckonable service to which the preserved benefit applies, they may revalue the preserved benefit on such other basis and such other dates as they consider just and equitable.
8. In the case of a member who is entitled to a preserved benefit under section 28(2)(a), no part of the appropriate amount to be added to preserved benefit under this Part shall be provided by reducing the amount of any benefit payable under the rules of the scheme concerned in respect of reckonable service completed before 1 January 1991.”.
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