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The Public Service Pensions Revaluation (Earnings) Order (Northern Ireland) 2016

S.R. 2016/50 · Made 18 February 2016

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Public Service Pensions

Made 18th February 2016

Coming into operation 1st April 2016

The Department of Finance and Personnel makes the following Order in exercise of the powers conferred by section 9(2) and (3) of the Public Service Pensions Act (Northern Ireland) 2014f1:

Annotations to the whole text

Footnotes

f1

2014 c.2 (N.I.)

Contents

  1. 1Citation and commencement
  2. 2Revaluation by reference to change in prices
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Public Service Pensions Revaluation (Earnings) Order (Northern Ireland) 2016 and comes into operation on 1st April 2016.

2Revaluation by reference to change in prices

For the purposes of section 9(2) of the Public Service Pensions Act (Northern Ireland) 2014 (revaluation), the change in earnings specified in relation to the period beginning on 1st April 2015 and ending on 31st March 2016 is an increase of 2 per cent.

Signature

Sealed with the Official Seal of the Department of Finance and Personnel on 18th February 2016.

(L.S.)

Joanne McBurney

A senior officer of the

Department of Finance and Personnel

Explanatory note

(This note is not part of the Order)

Section 9 of the Public Service Pensions Act (Northern Ireland) 2014 applies to public service pension schemes established under that Act which require a revaluation of pensionable earnings, or a portion of such earnings accrued as a pension, by reference to a change in prices, earnings or both.

Article 2 of this Order specifies an increase in earnings of 2 per cent in relation to the period of 1st April 2015 to 31st March 2016 inclusive. This figure is based on a measure of the year on year change in average weekly earnings figure to September 2015.

An impact assessment has not been produced for this Order as no significant impact on the cost of business or the voluntary sector is foreseen.