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The Public Service Pensions Revaluation (Prices) Order 2016

S.I. 2016/438 · Made 24 March 2016

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 24th March 2016

Coming into force 1st April 2016

Pursuant to section 9(5)(a) of the Public Service Pensions Act 2013f1, a draft of this Order has been laid before, and approved by resolution of, the House of Commons.

The Treasury make the following Order in exercise of the powers conferred on them by section 9(2) and (3) of that Act:

Annotations to the whole text

Footnotes

f1

2013 c.25. See section 38(4) for the definition of “affirmative Commons procedure”.

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 (Prices) Order 2016 and comes into force on 1st April 2016.

2Revaluation by reference to change in prices

For the purposes of section 9(2) of the Public Service Pensions Act 2013 (revaluation), the change in prices specified in relation to the period beginning on 1st April 2015 and ending on 31st March 2016 is a decrease of 0.1 per cent.

Signature

Mel Stride

Charlie Elphicke

Two of the Lords Commissioners of Her Majesty’s Treasury

24th March 2016

Explanatory note

(This note is not part of the Order)

Section 9 of the Public Service Pensions Act 2013 (c.25) 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 a decrease in prices of 0.1 per cent in relation to the period of 1st April 2015 to 31st March 2016 inclusive. This figure is based on the year on year change in the Consumer Prices Index to September 2015.

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