# The Social Security Revaluation of Earnings Factors Order 2014

S.I. 2014/367 · made 19 February 2014

This Order is made following a review under section 148 (revaluation of earnings factors) of the Social Security Administration Act 1992 (c. 5).

Made under: Social Security Administration Act 1992 (Section 148, Section 189)

PDFs: Printed copy https://openlegislation.uk/social-security-revaluation-of-earnings-factors-order-2014/pdf/uksi_20140367_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/social-security-revaluation-of-earnings-factors-order-2014/pdf/uksiem_20140367_en.pdf

## Introductory text

Social Security
Made 19th February 2014
Laid before Parliament 25th February 2014
Coming into force 6th April 2014
In accordance with section 148(2) (revaluation of earnings factors) of the Social Security Administration Act 1992, the Secretary of State has reviewed the general level of earnings obtaining in Great Britain.
The Secretary of State has concluded, having regard to earlier orders made under section 148, that earnings factors for the relevant tax years have not, during the period taken into account for that review, maintained their value in relation to the general level of earnings.
The Secretary of State makes the following Order in exercise of the powers conferred by sections 148(3) and (4) and 189(1), (4) and (5) of the Social Security Administration Act 1992.

## 1 Citation and commencement

This Order may be cited as the Social Security Revaluation of Earnings Factors Order 2014 and shall come into force on 6th April 2014.

## 2 Revaluation of earnings factors

The earnings factors for tax years specified in the Schedule to this Order in so far as they are relevant—
(a) to the calculation—
(i) of the additional pension in the rate of any long-term benefit, or
(ii) of any guaranteed minimum pension; or
(b) to any other calculation required under Part 3 of the Pension Schemes Act 1993 (including that Part as modified by or under any other enactment),
are directed to be increased for those tax years by the percentage of their amount shown opposite those tax years in that Schedule.

## 3 Rounding of fractional amounts

Where any earnings factor relevant to the calculation specified in article 2(a)(i) of this Order, as increased in accordance with this Order, would not but for this article be expressed as a whole number of pounds, it shall be so expressed by rounding down any fraction of a pound less than one half and rounding up any other fraction of a pound.

## Signature

Signed by the authority of the Secretary of State for Work and Pensions.
Steve Webb
Minister of State,
Department for Work and Pensions
19th February 2014

## Percentage increase of earnings factor for specified tax years

Tax year
Percentage increase
1978-1979
741.7
1979-1980
642.9
1980-1981
520.7
1981-1982
419.8
1982-1983
372.1
1983-1984
338.4
1984-1985
305.9
1985-1986
280.8
1986-1987
249.7
1987-1988
225.6
1988-1989
199.5
1989-1990
170.3
1990-1991
151.9
1991-1992
128.8
1992-1993
114.8
1993-1994
104.6
1994-1995
98.5
1995-1996
90.1
1996-1997
84.9
1997-1998
76.1
1998-1999
68.4
1999-2000
61.6
2000-2001
52.0
2001-2002
46.2
2002-2003
40.1
2003-2004
35.3
2004-2005
30.3
2005-2006
25.2
2006-2007
21.1
2007-2008
16.3
2008-2009
11.6
2009-2010
8.3
2010-2011
7.0
2011-2012
4.6
2012-2013
2.7
2013-2014
0.9

## Explanatory note

(This note is not part of the Order)
This Order is made following a review under section 148 (revaluation of earnings factors) of the Social Security Administration Act 1992 (c. 5).
This Order directs that the earnings factors relevant to the calculation of the additional pension in the rate of any long-term benefit or of any guaranteed minimum pension, or to any other calculation required under Part 3 of the Pension Schemes Act 1993 (c. 48), are to be increased for the tax years specified in the Schedule to the Order by the percentage of their amount specified in that Schedule.
The percentages specified in this Order for the tax years from and including 2000 – 2001 are also relevant for the purposes of revaluing state scheme pension debits and credits in accordance with sections 45B(6), 55A(5) and 55B(6) of the Social Security Contributions and Benefits Act 1992 (c. 4).
The percentage for the tax year 2013 – 2014 is 0.9%. The percentages for earlier tax years have been increased so that the earnings factors for those years are revalued at 2013 – 2014 earning levels.
This Order also provides for rounding fractional amounts for earnings factors relevant to the calculation of the additional pension in the rate of any long-term benefit. By virtue of section 23(2) of the Social Security Contributions and Benefits Act 1992 (c. 4), rounding is not required for the purpose of the calculation of any guaranteed minimum pension.
A full impact assessment has not been produced for this instrument as it has no impact on the private sector or civil society organisations.

---
Source: https://www.legislation.gov.uk/uksi/2014/367 (the official version)
Page: https://openlegislation.uk/social-security-revaluation-of-earnings-factors-order-2014
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.