Explanatory note

Section 9 of the Public Service Pensions Act 2013 (c. 25) applies to pension schemes which, under that Act, require a revaluation of pensionable earnings, or a proportion of such earnings accrued as a pension, by reference to a change in prices or earnings (or both) in a given period.

In relation to the period 1st April 2021 to 31st March 2022 inclusive, article 2 of this Order specifies an increase in prices of 3.1 per cent, based on a measure of the year on year change in the Consumer Prices Index to September 2021; and an increase in earnings of 4.1 per cent, based on a measure of the year on year change in average weekly earnings to September 2021.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.