Explanatory note

Section 52A of the Social Security Pensions Act 1975 (inserted by section 2 of, and Schedule 1 to, the Social Security Act 1985) defines the terms “revaluation period” and “revaluation year” and requires the Secretary of State to specify by Order, in each revaluation year, a “revaluation percentage” for each revaluation period.

This Order, made in the third revaluation year (1st January 1988 to 31st December 1988), specifies the appropriate revaluation percentage of each of the revaluation periods set out in the Schedule to it. The percentages are relevant to the revaluation of occupational pensions which is required by Schedule 1A to the Act of 1975 (inserted by section 2 of, and Schedule 1 to, the Act of 1985).