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Article 2 The higher and lower revaluation percentages for each revaluation period

Original text. Later amendments are not shown.

For the purposes of paragraph 1 of Schedule 3 to the Pension Schemes Act 1993 (methods of revaluing accrued pension benefits: the final salary method)f1, for each revaluation period specified in an entry in column 1 of the table—

(a)

the higher revaluation percentagef2 is the percentage specified in the corresponding entry in column 2 of that table; and

(b)

the lower revaluation percentagef3, if any, is the percentage specified in the corresponding entry in column 3 of that table.

Column 1Column 2Column 3
Revaluation periodHigher revaluation percentageLower revaluation percentage
1st January 1986 - 31st December 2023242.9%-
1st January 1987 - 31st December 2023232.6%-
1st January 1988 - 31st December 2023219.2%-
1st January 1989 - 31st December 2023202.0%-
1st January 1990 - 31st December 2023180.7%-
1st January 1991 - 31st December 2023153.1%-
1st January 1992 - 31st December 2023143.1%-
1st January 1993 - 31st December 2023134.7%-
1st January 1994 - 31st December 2023130.5%-
1st January 1995 - 31st December 2023125.5%-
1st January 1996 - 31st December 2023117.1%-
1st January 1997 - 31st December 2023112.6%-
1st January 1998 - 31st December 2023105.2%-
1st January 1999 - 31st December 202398.9%-
1st January 2000 - 31st December 202396.7%-
1st January 2001 - 31st December 202390.4%-
1st January 2002 - 31st December 202387.2%-
1st January 2003 - 31st December 202384.1%-
1st January 2004 - 31st December 202379.1%-
1st January 2005 - 31st December 202373.7%-
1st January 2006 - 31st December 202369.1%-
1st January 2007 - 31st December 202363.3%-
1st January 2008 - 31st December 202357.1%-
1st January 2009 - 31st December 202349.6%44.8%
1st January 2010 - 31st December 202351.8%41.3%
1st January 2011 - 31st December 202347.2%37.9%
1st January 2012 - 31st December 202339.9%34.5%
1st January 2013 - 31st December 202336.9%31.2%
1st January 2014 - 31st December 202333.3%28.0%
1st January 2015 - 31st December 202331.7%24.9%
1st January 2016 - 31st December 202331.9%21.8%
1st January 2017 - 31st December 202330.6%18.9%
1st January 2018 - 31st December 202326.8%16.0%
1st January 2019 - 31st December 202323.8%13.1%
1st January 2020 - 31st December 202321.6%10.4%
1st January 2021 - 31st December 202315.8%7.7%
1st January 2022 - 31st December 202310.3%5.1%
1st January 2023 - 31st December 20235.0%2.5%

Annotations

Footnotes

f1

Paragraph 1(1) to (3A) of Schedule 3 was substituted by section 101 of, and paragraphs 1 and 2 of Schedule 2 to, the Pensions Act 2008. Paragraph 1(1E) of Schedule 3 was amended by paragraphs 18 and 26 of Schedule 4 to the Marriage (Same Sex Couples) Act 2013 (c. 30) and paragraph 11(1) and (9) of Schedule 5 to S.I. 2014/3229. Paragraph 1(5) and (6) of Schedule 3 was inserted by section 19(4) and (5) of the Pensions Act 2011 (c. 19).

f2

Provision as to the higher revaluation percentage which the Secretary of State is to specify in relation to a revaluation period is made in paragraph 2(3) of Schedule 3 to the Pension Schemes Act 1993. Paragraph 2(3) of Schedule 3 was substituted by section 101 of, and paragraphs 1 and 3(1) and (3) of Schedule 2 to, the Pensions Act 2008.

f3

Provision as to the lower revaluation percentage which the Secretary of State is to specify in relation to a revaluation period is made in paragraph 2(3A) of Schedule 3 to the Pension Schemes Act 1993. Paragraph 2(3A) of Schedule 3 was substituted by section 101 of, and paragraphs 1 and 3(1) and (3) of Schedule 2 to, the Pensions Act 2008.