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The Occupational Pensions (Revaluation) Order (Northern Ireland) 2017

S.R. 2017/232 · Made 6 December 2017

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 6th December 2017

Coming into operation 1st January 2018

This Order is made in exercise of the powers conferred by paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993f1 and now vested in the Department for Communitiesf2.

The Secretary of State for Work and Pensions has made an Orderf3 under paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993f4.

Accordingly the Department for Communities makes the following Order:

Annotations to the whole text

Footnotes

f1

1993 c. 49; Schedule 2 was amended by paragraphs 1 to 3 of Schedule 1 to the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)), section 20(4) to (6) of the Pensions Act (Northern Ireland) 2012 (c. 3 (N.I.)) and regulation 2(3) of S.R. 2014 No. 213; see also section 80 as amended by Part III of Schedule 5 to the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)), Article 258 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), section 20(1) to (3) of the Pensions Act (Northern Ireland) 2012, paragraph 13 of the Schedule to S.R. 2005 No. 434 and regulation 2(2) of S.R. 2014 No. 213

f2

See Article 8(b) of S.R. 1999 No. 481 and section 1(7) of the Departments Act (Northern Ireland) 2016 (c. 5 (N.I.))

f3

S.I. 2017/1104

f4

1993 c. 48

Contents

  1. 1Citation, commencement and interpretation
  2. 2The higher and lower revaluation percentages for each revaluation period
  3. Signature
  4. Schedule Schedule
  5. Explanatory note

1Citation, commencement and interpretation

(1)

This Order may be cited as the Occupational Pensions (Revaluation) Order (Northern Ireland) 2017 and shall come into operation on 1st January 2018.

(2)

The Interpretation Act (Northern Ireland) 1954f1 shall apply to this Order as it applies to an Act of the Assembly.

2The higher and lower revaluation percentages for each revaluation period

For the purposes of paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993 (methods of revaluing accrued pension benefits), for each revaluation period specified in column 1 of the Schedule—

(a)

the higher revaluation percentage is the percentage specified in column 2, and

(b)

the lower revaluation percentage, where applicable, is the percentage specified in column 3,

in relation to that period.

Signature

Sealed with the Official Seal of the Department for Communities on 6th December 2017

(L.S.)

Anne McCleary

A senior officer of the Department for Communities

Column 1Column 2Column 3
Revaluation periodHigher revaluation percentageLower revaluation percentage
1st January 1986 – 31st December 2017170∙5%–
1st January 1987 – 31st December 2017162∙4%–
1st January 1988 – 31st December 2017151∙8%–
1st January 1989 – 31st December 2017138∙2%–
1st January 1990 – 31st December 2017121∙4%–
1st January 1991 – 31st December 201799∙6%–
1st January 1992 – 31st December 201791∙8%–
1st January 1993 – 31st December 201785∙1%–
1st January 1994 – 31st December 201781∙8%–
1st January 1995 – 31st December 201777∙9%–
1st January 1996 – 31st December 201771∙2%–
1st January 1997 – 31st December 201767∙7%–
1st January 1998 – 31st December 201761∙9%–
1st January 1999 – 31st December 201756∙9%–
1st January 2000 – 31st December 201755∙2%–
1st January 2001 – 31st December 201750∙2%–
1st January 2002 – 31st December 201747∙7%–
1st January 2003 – 31st December 201745∙2%–
1st January 2004 – 31st December 201741∙3%–
1st January 2005 – 31st December 201737∙0%–
1st January 2006 – 31st December 201733∙4%–
1st January 2007 – 31st December 201728∙8%–
1st January 2008 – 31st December 201724∙0%–
1st January 2009 – 31st December 201718∙1%18∙1%
1st January 2010 – 31st December 201719∙7%19∙7%
1st January 2011 – 31st December 201716∙1%16∙1%
1st January 2012 – 31st December 201710∙4%10∙4%
1st January 2013 – 31st December 20178∙0%8∙0%
1st January 2014 – 31st December 20175∙2%5∙2%
1st January 2015 – 31st December 20173∙9%3∙9%
1st January 2016 – 31st December 20174∙0%4∙0%
1st January 2017 – 31st December 20173∙0%2∙5%
(all dates inclusive)

Explanatory note

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2017/1104) made by the Secretary of State for Work and Pensions under paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993, specifies appropriate revaluation percentages. The percentages specified are relevant to the revaluation of benefits under occupational pension schemes, as required by section 80 of, and Schedule 2 to, the Pension Schemes (Northern Ireland) Act 1993. The lower revaluation percentage introduced by the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)) does not apply to pensionable service before 6th April 2009.