# The State Pension Revaluation for Transitional Pensions Order 2023

S.I. 2023/1269 · made 27 November 2023

This Order is made following a review under section 148AC(1) of the Social Security Administration Act 1992 (c. 5) (“the Administration Act”) (revaluation for transitional pensions under the Pensions Act 2014 (c. 19)).

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

PDFs: Printed copy https://openlegislation.uk/state-pension-revaluation-for-transitional-pensions-order-2023/pdf/uksi_20231269_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/state-pension-revaluation-for-transitional-pensions-order-2023/pdf/uksiem_20231269_en_001.pdf

## Introductory text

SOCIAL SECURITY
Made 27th November 2023
Laid before Parliament 28th November 2023
Coming into force in accordance with article 1(2)
The Secretary of State has carried out a review in accordance with section 148AC(1) of the Social Security Administration Act 1992 and it appeared to the Secretary of State that the general level of prices in Great Britain has increased during the review period.
Accordingly the Secretary of State makes the following Order in exercise of the powers conferred by sections 148AC(3) and 189(1) and (4) of the Social Security Administration Act 1992.

## 1 Citation, commencement and extent

(1) This Order may be cited as the State Pension Revaluation for Transitional Pensions Order 2023.
(2) This Order comes into force on—
(a) 20th December 2023 for the purpose of making an award on a claim for a state pension under regulation 15(1) of the Social Security (Claims and Payments) Regulations 1987 (advance notice of retirement and claim for and award of pension) to a person who reaches pensionable age on or after 9th April 2024; and
(b) 8th April 2024 for all other purposes.
(3) This Order extends to England and Wales and Scotland.
(4) In this article “a state pension” means a state pension under Part 1 of the Pensions Act 2014.

## 2 Increase in the general level of prices

For the purposes of section 148AC(3) and (4) of the Social Security Administration Act 1992 (revaluation for transitional pensions under the Pensions Act 2014), the increase in the general level of prices during the review period is 31.7 per cent.

## Signature

Signed by authority of the Secretary of State for Work and Pensions
Paul Maynard
Parliamentary Under Secretary of State
Department for Work and Pensions
27th November 2023

## Explanatory note

(This note is not part of the Order)
This Order is made following a review under section 148AC(1) of the Social Security Administration Act 1992 (c. 5) (“the Administration Act”) (revaluation for transitional pensions under the Pensions Act 2014 (c. 19)).
The Pensions Act 2014 created a new state pension for persons reaching pensionable age on or after 6th April 2016 (see Part 1 of that Act). Pensionable age has the meaning given by the rules in paragraph 1 of Schedule 4 to the Pensions Act 1995 (c. 26). The part of a person’s new state pension based on their pre-April 2016 contribution record that exceeds the full rate of the new state pension as at 6th April 2016 is commonly referred to as a “protected payment”. Paragraph 6(5) of Schedule 1 to the Pensions Act 2014 provides for the revaluing of protected payments by increasing these payments by the “revaluing percentage” specified in the last order under section 148AC(3) of the Administration Act to come into force before the person reached pensionable age.
Under section 148AC(4) of the Administration Act the revaluing percentage is the percentage of the increase in the general level of prices since 6th April 2016 (the review period specified by section 148AC(2)).
Article 2 of this Order specifies the revaluing percentage as 31.7 per cent.
Article 1(2) ensures that the revaluation of protected payments will apply to persons reaching pensionable age on or after 9th April 2024, including those who make an advance claim for a state pension under regulation 15(1) of the Social Security (Claims and Payments) Regulations 1987 (S.I. 1987/1968).
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.

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Source: https://www.legislation.gov.uk/uksi/2023/1269 (the official version)
Page: https://openlegislation.uk/state-pension-revaluation-for-transitional-pensions-order-2023
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.