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The Public Service Pensions Revaluation Order (Northern Ireland) 2018

S.R. 2018/62 · Made 22 March 2018

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.

Public Service Pensions

Made 22nd March 2018

Coming into operation 1st April 2018

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 or earnings
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Public Service Pensions Revaluation Order (Northern Ireland) 2018 and comes into operation on 1st April 2018.

2Revaluation by reference to change in prices or earnings

For the purposes of section 9(2) of the Public Service Pensions Act (Northern Ireland) 2014 (revaluation), in relation to the period beginning on 1st April 2017 and ending on 31st March 2018—

(a)

the change in prices is an increase of 3 per cent; and

(b)

the change in earnings is an increase of 3 per cent.

Signature

Sealed with the Official Seal of the Department of Finance on 22nd March 2018.

(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 or earnings (or both) in a given period.

In relation to the period 1st April 2017 to 31st March 2018 inclusive, Article 2 of this Order specifies an increase in prices of 3 per cent, based on the year on year change in the Consumer Prices Index to September 2017; and an increase in earnings of 3 per cent, based on a measure of the year on year change in average weekly earnings to September 2017.

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.