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The Occupational Pensions (Revaluation) Order 1998

S.I. 1998/2921 · Made 25 November 1998

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

PENSIONS

Made 25th November 1998

Laid before Parliament 2nd December 1998

Coming into force 1st January 1999

The Secretary of State for Social Security, in exercise of the powers conferred by paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993f1, hereby makes the following Order:–

Annotations to the whole text

Footnotes

f1

1993 c. 48.

Contents

  1. 1Citation and commencement
  2. 2The revaluation percentage for each revaluation period
  3. Signature
  4. Explanatory note

1Citation and commencement

(1)

This Order may be cited as the Occupational Pensions (Revaluation) Order 1998.

(2)

This Order shall come into force on 1st January 1999.

2The revaluation percentage for each revaluation period

For the purposes of paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993, the revaluation percentage for each revaluation period specified in column 1 below is the percentage specified in column 2 in relation to that period.

Column 1Column 2
Revaluation periodRevaluation percentage
1st January 1986–31st December 199872.4%
1st January 1987–31st December 199867.3%
1st January 1988–31st December 199860.5%
1st January 1989–31st December 199851.9%
1st January 1990–31st December 199841.1%
1st January 1991–31st December 199827.3%
1st January 1992–31st December 199822.2%
1st January 1993–31st December 199818.0%
1st January 1994–31st December 199815.9%
1st January 1995–31st December 199813.4%
1st January 1996–31st December 19989.2%
1st January 1997–31st December 19986.9%
1st January 1998–31st December 19983.2%

Signature

Signed by authority of the Secretary of State for Social Security.

John Y. Denham

Minister of State,

Department of Social Security

25th November 1998

Explanatory note

(This note is not part of the Order)

This Order is made, as required by paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993, in the revaluation year beginning on 1st January 1998. The revaluation percentages specified are relevant to the revaluation of benefits under occupational pension schemes, as required by section 84 of, and Schedule 3 to, that Act.

This Order does not impose any costs on business.