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Amendment of Third Schedule to Principal Act.
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55.—The Third Schedule to the Principal Act is amended—
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(a) by the substitution for “the commencement of Part IV”, in each place where those words occur, of “1 January 1991”;
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(b) by the insertion in paragraph 3(a)(i) after “preserved benefits” of “to which the member is entitled under section 28(2)(a)”;
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(c) by the insertion in paragraph 3(b)(i) after “preserved benefits” of “to which the member would be entitled under section 28(2)(a)”;
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(d) by the substitution in paragraph 4(b)(i)(II) for “the 1st day of” of “1”; and
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(e) by the insertion of the following paragraph after paragraph 4:
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“5. The benefits for the purposes of this paragraph shall be calculated as at the effective date of the certificate and shall be, to the extent that they have not already been specified in any of the preceding paragraphs—
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(a) in the case of a member of that scheme whose service in relevant employment terminated after 1 June 2002 but prior to the effective date of the certificate and in respect of whom a transfer payment has not been applied in accordance with section 34 or 35, the greater of—
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(i) all preserved benefits to which the member is entitled under section 28(2)(b) (including future revaluations thereof and those benefits payable on the death of the member entitled to preserved benefit) calculated in accordance with Part III,
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(ii) any minimum contributory retirement benefit to which the member is entitled under section 35A, and
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(iii) the benefits payable under the rules of the scheme,
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and
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(b) in the case of a member of that scheme then in relevant employment, the greater of—
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(i) preserved benefits to which the member would be entitled under section 28(2)(b) (including future revaluations thereof and those benefits payable on the death of the member entitled to preserved benefit) calculated in accordance with the provisions of Part III,
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(ii) any minimum contributory retirement benefit to which the member would be entitled under section 35A, and
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(iii) the long service benefits payable under the rules of the scheme in respect of reckonable service completed prior to the effective date of the certificate and, where the member would be entitled to an immediate retirement benefit if he unilaterally terminated his service in relevant employment on the effective date of the certificate, any increase in long service benefit arising under section 35A together with any other benefits payable on the death of the member entitled to long service benefit in respect of such period of reckonable service,
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calculated as if the member's service in relevant employment had terminated on the effective date of the certificate but, other than for the purposes of section 48, disregarding any provision requiring the completion of a minimum period of qualifying service which may prevent the member concerned from acquiring an entitlement to benefit on termination of such employment.”.
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