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The Public Service Pensions Revaluation (Earnings) Order (Northern Ireland) 2017

S.R. 2017/30 · Made 24 January 2017

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Public Service Pensions

Made 24th January 2017

Coming into operation 1st April 2017

The Department of Finance 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) 2017 and comes into operation on 1st April 2017.

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 2016 and ending on 31st March 2017 is an increase of 2.6 per cent.

Signature

Sealed with the Official Seal of the Department of Finance on 24th January 2017.

(L.S.)

Grace Nesbitt

A senior officer of the

Department of Finance

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 2.6 per cent in relation to the period of 1st April 2016 to 31st March 2017 inclusive. This figure is based on a measure of the year on year change in average weekly earnings figure to September 2016.

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.