The Social Security Revaluation of Earnings Factors Order (Northern Ireland) 2003
S.R. 2003/146 · Made 6 March 2003
SOCIAL SECURITY
Made 6th March 2003
Coming into operation 6th April 2003
Whereas the Secretary of State for Work and Pensions has made an Orderf1 under sections 148(3) and (4) and 189(1), (4) and (5) of the Social Security Administration Act 1992f2:
Annotations to the whole text
Footnotes
- f1
- f2
Contents
- 1Citation and commencement
- 2Revaluation of earnings factors
- 3Rounding of fractional amounts
- Signature
- Schedule Schedule
- Explanatory note
1Citation and commencement
This Order may be cited as the Social Security Revaluation of Earnings Factors Order (Northern Ireland) 2003 and shall come into operation on 6th April 2003.
2Revaluation of earnings factors
The earnings factorsf1 for tax years specified in the first column of the Schedule to this Order, in so far as they are relevantf2 –
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 III of the Pension Schemes (Northern Ireland) Act 1993f3 (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 the second column of that Schedule.
3Rounding 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 the rounding down of any fraction of a pound less than one half and the rounding up of any other fraction of a pound.
Signature
Sealed with the Official Seal of the Department for Social Development on 6th March 2003.
L.S.
John O'Neill
Senior Officer of the
Department for Social Development
| Tax Year | Percentage Increase |
|---|---|
| 1978–79 | 522·3 |
| 1979–80 | 449·2 |
| 1980–81 | 358·8 |
| 1981–82 | 284·3 |
| 1982–83 | 249·0 |
| 1983–84 | 224·1 |
| 1984–85 | 200·1 |
| 1985–86 | 181·5 |
| 1986–87 | 158·5 |
| 1987–88 | 140·7 |
| 1988–89 | 121·4 |
| 1989–90 | 99·8 |
| 1990–91 | 86·2 |
| 1991–92 | 69·2 |
| 1992–93 | 58·8 |
| 1993–94 | 51·3 |
| 1994–95 | 46·7 |
| 1995–96 | 40·5 |
| 1996–97 | 36·7 |
| 1997–98 | 30·2 |
| 1998–99 | 24·5 |
| 1999–2000 | 19·5 |
| 2000–2001 | 12·4 |
| 2001–2002 | 8·1 |
| 2002–2003 | 3·6 |
Explanatory note
(This note is not part of the Order.)
This Order corresponds to an Order (S.I. 2003/517) made by the Secretary of State for Work and Pensions under sections 148(3) and (4) and 189(1), (4) and (5) of the Social Security Administration Act 1992. It 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 III of the Pension Schemes (Northern Ireland) Act 1993, are to be increased for the tax years specified in the Schedule to this Order by the percentage of their amount specified in that Schedule. The percentages for the tax years from and including 2000–2001 are also relevant for the revaluation of state scheme pension debits and credits in accordance with sections 45B(6), 55A(5) and 55B(6) of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (“the 1992 Act”). The percentage for the tax year 2002–2003 is 3·6 per cent., and those for earlier tax years have been increased so that the earnings factors for those years are revalued at 2002–2003 earnings levels.
The Order also provides for the rounding of fractional amounts for earnings factors relevant to the calculation of the additional pension in the rate of any long-term benefit. Rounding for the purpose of the calculation of any guaranteed minimum pension is not required by virtue of section 23(2) of the 1992 Act.