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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 2024248.7%-
1st January 1987 - 31st December 2024238.3%-
1st January 1988 - 31st December 2024224.6%-
1st January 1989 - 31st December 2024207.1%-
1st January 1990 - 31st December 2024185.4%-
1st January 1991 - 31st December 2024157.4%-
1st January 1992 - 31st December 2024147.2%-
1st January 1993 - 31st December 2024138.6%-
1st January 1994 - 31st December 2024134.4%-
1st January 1995 - 31st December 2024129.4%-
1st January 1996 - 31st December 2024120.8%-
1st January 1997 - 31st December 2024116.2%-
1st January 1998 - 31st December 2024108.7%-
1st January 1999 - 31st December 2024102.2%-
1st January 2000 - 31st December 2024100.0%-
1st January 2001 - 31st December 202493.7%-
1st January 2002 - 31st December 202490.4%-
1st January 2003 - 31st December 202487.2%-
1st January 2004 - 31st December 202482.1%-
1st January 2005 - 31st December 202476.7%-
1st January 2006 - 31st December 202472.0%-
1st January 2007 - 31st December 202466.0%-
1st January 2008 - 31st December 202459.8%-
1st January 2009 - 31st December 202452.2%48.5%
1st January 2010 - 31st December 202454.4%44.8%
1st January 2011 - 31st December 202449.7%41.3%
1st January 2012 - 31st December 202442.3%37.9%
1st January 2013 - 31st December 202439.2%34.5%
1st January 2014 - 31st December 202435.6%31.2%
1st January 2015 - 31st December 202434.0%28.0%
1st January 2016 - 31st December 202434.1%24.9%
1st January 2017 - 31st December 202432.8%21.8%
1st January 2018 - 31st December 202428.9%18.9%
1st January 2019 - 31st December 202425.9%16.0%
1st January 2020 - 31st December 202423.8%13.1%
1st January 2021 - 31st December 202421.6%10.4%
1st January 2022 - 31st December 202415.8%7.7%
1st January 2023 - 31st December 20248.5%5.1%
1st January 2024 - 31st December 20241.7%1.7%

Annotations

Footnotes

f1

Paragraph 1(1) to (3A) of Schedule 3 was substituted by 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 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 paragraphs 1 and 3(1) and (3) of Schedule 2 to the Pensions Act 2008.