The Third Schedule to the Pensions Act is hereby amended by -

(a) the substitution for paragraph 1 of the following paragraph:

"1. The benefits for the purposes of this paragraph shall be all future benefits payable under the rules of the schemeto or in respect of a person in receipt of such benefits as at the effective date of the certificate, but excluding all future increases in such benefits which are not of a contractual nature.",

(b) the substitution for subparagraph (b) of paragraph 3 of the following paragraph:

"(b) in the case of a member of that scheme then in relevant employment, the greater of -

(i) preserved benefits (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, and

(ii) the long service benefits payable under the rules of the scheme in respect of reckonable service completed after the commencement of Part IV but prior to the effective date of the certificate,

calculated as if the member's service in relevant employment has terminated on the effective date of the certificate but 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.", and