The Pension Schemes (Reduction in Pension Rates) Regulations 2006
These Regulations prescribe the circumstances in which pensions are exempted from the requirement in sub-paragraph 2(3) of Schedule 28 to the Finance Act 2004 (“the 2004 Act”) that the rate of pension payable in respect of any relevant 12 month period is not less than the rate payable in respect of the previous 12 month period.