OpenLegislation

The Public Service Pensions Revaluation Order (Northern Ireland) 2021

S.R. 2021/56 · Made 9 March 2021

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 9th March 2021

Coming into operation 1st April 2021

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) 2021 and comes into operation on 1st April 2021.

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 2020 and ending on 31st March 2021—

(a)

the change in prices is an increase of 0.5 per cent; and

(b)

the change in earnings is an increase of 2.4 per cent.

Signature

Sealed with the Official Seal of the Department of Finance on 9th March 2021.

(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 2020 to 31st March 2021 inclusive, Article 2 of this Order specifies an increase in prices of 0.5 per cent, based on the year on year change in the Consumer Prices Index to September 2020; and an increase in earnings of 2.4 per cent, based on a measure of the year on year change in average weekly earnings to September 2020.