(1) In this section and Part B of the Second Schedule "revaluation year" means a year beginning on or after 1 January 1996.

(2) Where in respect of any preserved benefit payable under a defined benefit scheme to or in respect of a member and calculated in accordance with any or all of paragraphs 2, 3 and 4 of Part A of the Second Schedule, there is a period of at least one year between -

(a) the commencement of the first revaluation year or the date of the termination of the member's relevant employment, whichever is the later, and

(b) the date on which he attains or would attain normal pensionable age or the date of his death, whichever is the earlier,

then, the preserved benefit shall be revalued annually as soon as may be after the end of each revaluation year in accordance with the provisions of Part B of that Schedule.

(3) A revaluation shall not be made under this section in respect of a member of a scheme after -

(a) the date of payment of preserved benefit to or in respect of him, or

(b) the date of his attainment of normal pensionable age, or