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The Occupational Pensions (Revaluation) Order (Northern Ireland) 2024

S.R. 2024/200 · Made 26 November 2024 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 1 January 2025.

Pensions

Made 26th November 2024

Coming into operation 1st January 2025

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.)), paragraph 5 of Schedule 6 to the Pension Schemes Act 2021 (c. 1), 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 2 of Schedule 6 to the Pension Schemes Act 2021, 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. 2024/1174

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 1Schedule 1
  5. Explanatory note

1Citation, commencement and interpretationI1

(1)

This Order may be cited as the Occupational Pensions (Revaluation) Order (Northern Ireland) 2024 and shall come into operation on 1st January 2025.

(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 periodI1

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 2024

(L.S.)

David Tarr

A senior officer of the Department for Communities

Schedule 1I1

Column 1

Revaluation period

Column 2

Higher revaluation percentage

Column 3

Lower 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%
(all dates inclusive)

Explanatory note

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2024/1174) 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.