# The Occupational Pensions (Revaluation) Order 2024 S.I. 2024/1174 · made 18 November 2024 Section 84 of the Pension Schemes Act 1993 (c. 48) requires certain pensions and other benefits under occupational pension schemes to be revalued by the final salary method (which is dealt with in Schedule 3 to that Act). For the purpose of the revaluation of benefits payable to or in respect of persons who attain their scheme’s normal pension age in 2025, and as required by paragraph 2 of Schedule 3 to that Act, this Order specifies the necessary revaluation percentages for each of the revaluation periods between 1st January 1986 and 31st December 2024. It is not necessary to specify a lower revaluation percentage for revaluation periods which start before 1st January 2009. Made under: Pension Schemes Act 1993 (Section 182, Schedule 3 paragraph 2) PDFs: Printed copy https://openlegislation.uk/occupational-pensions-revaluation-order-2024/pdf/uksi_20241174_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/occupational-pensions-revaluation-order-2024/pdf/uksiem_20241174_en_001.pdf ## Introductory text PENSIONS Made 18th November 2024 Laid before Parliament 20th November 2024 Coming into force 1st January 2025 The Secretary of State makes this Order in exercise of the powers conferred by section 182(2) of, and paragraph 2(1) of Schedule 3 to, the Pension Schemes Act 1993. ## 1 Citation, commencement and extent (1) This Order may be cited as the Occupational Pensions (Revaluation) Order 2024 and comes into force on 1st January 2025. (2) This Order extends to England and Wales and Scotland. ## 2 The higher and lower revaluation percentages for each revaluation period 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), for each revaluation period specified in an entry in column 1 of the table— (a) the higher revaluation percentage is the percentage specified in the corresponding entry in column 2 of that table, and (b) the lower revaluation percentage, if any, is the percentage specified in the corresponding entry in column 3 of that table. Column 1 Column 2 Column 3 Revaluation period Higher revaluation percentage Lower revaluation percentage 1st January 1986 - 31st December 2024 248.7% - 1st January 1987 - 31st December 2024 238.3% - 1st January 1988 - 31st December 2024 224.6% - 1st January 1989 - 31st December 2024 207.1% - 1st January 1990 - 31st December 2024 185.4% - 1st January 1991 - 31st December 2024 157.4% - 1st January 1992 - 31st December 2024 147.2% - 1st January 1993 - 31st December 2024 138.6% - 1st January 1994 - 31st December 2024 134.4% - 1st January 1995 - 31st December 2024 129.4% - 1st January 1996 - 31st December 2024 120.8% - 1st January 1997 - 31st December 2024 116.2% - 1st January 1998 - 31st December 2024 108.7% - 1st January 1999 - 31st December 2024 102.2% - 1st January 2000 - 31st December 2024 100.0% - 1st January 2001 - 31st December 2024 93.7% - 1st January 2002 - 31st December 2024 90.4% - 1st January 2003 - 31st December 2024 87.2% - 1st January 2004 - 31st December 2024 82.1% - 1st January 2005 - 31st December 2024 76.7% - 1st January 2006 - 31st December 2024 72.0% - 1st January 2007 - 31st December 2024 66.0% - 1st January 2008 - 31st December 2024 59.8% - 1st January 2009 - 31st December 2024 52.2% 48.5% 1st January 2010 - 31st December 2024 54.4% 44.8% 1st January 2011 - 31st December 2024 49.7% 41.3% 1st January 2012 - 31st December 2024 42.3% 37.9% 1st January 2013 - 31st December 2024 39.2% 34.5% 1st January 2014 - 31st December 2024 35.6% 31.2% 1st January 2015 - 31st December 2024 34.0% 28.0% 1st January 2016 - 31st December 2024 34.1% 24.9% 1st January 2017 - 31st December 2024 32.8% 21.8% 1st January 2018 - 31st December 2024 28.9% 18.9% 1st January 2019 - 31st December 2024 25.9% 16.0% 1st January 2020 - 31st December 2024 23.8% 13.1% 1st January 2021 - 31st December 2024 21.6% 10.4% 1st January 2022 - 31st December 2024 15.8% 7.7% 1st January 2023 - 31st December 2024 8.5% 5.1% 1st January 2024 - 31st December 2024 1.7% 1.7% ## Signature Signed by authority of the Secretary of State for Work and Pensions Emma Reynolds Parliamentary Under-Secretary of State Department for Work and Pensions 18th November 2024 ## Explanatory note (This note is not part of the Order) Section 84 of the Pension Schemes Act 1993 (c. 48) requires certain pensions and other benefits under occupational pension schemes to be revalued by the final salary method (which is dealt with in Schedule 3 to that Act). For the purpose of the revaluation of benefits payable to or in respect of persons who attain their scheme’s normal pension age in 2025, and as required by paragraph 2 of Schedule 3 to that Act, this Order specifies the necessary revaluation percentages for each of the revaluation periods between 1st January 1986 and 31st December 2024. It is not necessary to specify a lower revaluation percentage for revaluation periods which start before 1st January 2009. This Order amends an existing regulatory regime by a pre-determined formula, and the administrative impact of its implementation is negligible. A full impact assessment has not been produced for this Order as no, or no significant, impact on the private, voluntary or public sector is foreseen. --- Source: https://www.legislation.gov.uk/uksi/2024/1174 (the official version) Page: https://openlegislation.uk/occupational-pensions-revaluation-order-2024 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.