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The Occupational Pensions (Revaluation) Order (Northern Ireland) 2020

S.R. 2020/283 · Made 26 November 2020

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 26th November 2020

Coming into operation 1st January 2021

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.)), regulation 2(3) of S.R. 2014 No. 213 and regulation 68(10) of S.I. 2019/1514; see also section 80 as amended by Part 3 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, regulation 2(2) of S.R. 2014 No. 213 and regulation 68(8) of S.I. 2019/1514

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. 2020/1332

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) 2020 and shall come into operation on 1st January 2021.

(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 26th November 2020

(L.S.)

Anne McCleary

A senior officer of the Department for Communities

Column 1

Revaluation period

Column 2

Higher revaluation

percentage

Column 3

Lower revaluation

percentage
1st January 1986 – 31st December 2020183∙1%-
1st January 1987 – 31st December 2020174∙6%-
1st January 1988 – 31st December 2020163∙5%-
1st January 1989 – 31st December 2020149∙3%-
1st January 1990 – 31st December 2020131∙7%-
1st January 1991 – 31st December 2020108∙9%-
1st January 1992 – 31st December 2020100∙7%-
1st January 1993 – 31st December 202093∙7%-
1st January 1994 – 31st December 202090∙3%-
1st January 1995 – 31st December 202086∙2%-
1st January 1996 – 31st December 202079∙2%-
1st January 1997 – 31st December 202075∙5%-
1st January 1998 – 31st December 202069∙4%-
1st January 1999 – 31st December 202064∙2%-
1st January 2000 – 31st December 202062∙4%-
1st January 2001 – 31st December 202057∙2%-
1st January 2002 – 31st December 202054∙6%-
1st January 2003 – 31st December 202052∙0%-
1st January 2004 – 31st December 202047∙9%-
1st January 2005 – 31st December 202043∙4%-
1st January 2006 – 31st December 202039∙6%-
1st January 2007 – 31st December 202034∙8%-
1st January 2008 – 31st December 202029∙7%-
1st January 2009 – 31st December 202023∙6%23∙6%
1st January 2010 – 31st December 202025∙3%25∙3%
1st January 2011 – 31st December 202021∙5%21∙5%
1st January 2012 – 31st December 202015∙5%15∙5%
1st January 2013 – 31st December 202013∙0%13∙0%
1st January 2014 – 31st December 202010∙1%10∙1%
1st January 2015 – 31st December 20208∙8%8∙8%
1st January 2016 – 31st December 20208∙9%8∙9%
1st January 2017 – 31st December 20207∙8%7∙8%
1st January 2018 – 31st December 20204∙7%4∙7%
1st January 2019 – 31st December 20202∙2%2∙2%
1st January 2020 – 31st December 20200∙5%0∙5%
(all dates inclusive)

Explanatory note

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2020/1332) 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.