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(1)     Section 84 of the Pension Schemes Act 1993 (basis of revaluation of accrued benefits) is amended as follows.

(2)     In subsection (5)(b) for the words from “maintains” to “index” substitute “, in the opinion of the Secretary of State, maintains the value of the pension or other benefit by reference to the rise in the general level of prices in Great Britain”.

(3)     Omit subsection (6).

(4)     Schedule 3 to the 1993 Act (which sets out methods for revaluing accrued benefits for the purposes of section 84 of the 1993 Act) is amended as follows.

(5)     After paragraph 1(4) insert—

“(5)     The sub-paragraphs above are subject to sub-paragraph (6).

(6)     If paragraph 2A applies to the pension or other benefit, the final salary method is to apply the requirement of the rules of the scheme mentioned in paragraph 2A(1).”

(6)     After paragraph 2 insert—

“2��

(1)     This paragraph applies to the pension or other benefit if the rules of the scheme under which it is payable contain a requirement that the accrued benefit be revalued by adding to the accrued benefit an amount of