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Statutory Instruments

2010 No. 2861

Pensions

The Occupational Pensions (Revaluation) Order 2010

Made

30th November 2010

Laid before Parliament

8th December 2010

Coming into force

1st January 2011

The Secretary of State for Work and Pensions makes the following Order in exercise of the power conferred by paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993(1).

Citation and commencement

1.—(1) This Order may be cited as the Occupational Pensions (Revaluation) Order 2010.

(2) This Order shall come into force on 1st January 2011.

The higher and lower revaluation percentages for each revaluation period

2.  For the purposes of paragraph 2(1) of Schedule 3 (methods of revaluing accrued pension benefits) to the Pension Schemes Act 1993, for each revaluation period specified in column 1 below, the higher revaluation percentage is the percentage specified in column 2, and the lower revaluation percentage, if any, is the percentage specified in column 3, in relation to that period.

Column 1Column 2Column 3
Revaluation period

Higher revaluation

percentage

Lower revaluation

percentage

1st January 1986 - 31st December 2010132.9%-
1st January 1987 - 31st December 2010125.9%-
1st January 1988 - 31st December 2010116.8%-
1st January 1989 - 31st December 2010105.1%-
1st January 1990 - 31st December 201090.7%-
1st January 1991 - 31st December 201071.9%-
1st January 1992 - 31st December 201065.1%-
1st January 1993 - 31st December 201059.4%-
1st January 1994 - 31st December 201056.6%-
1st January 1995 - 31st December 201053.2%-
1st January 1996 - 31st December 201047.5%-
1st January 1997 - 31st December 201044.4%-
1st January 1998 - 31st December 201039.4%-
1st January 1999 - 31st December 201035.1%-
1st January 2000 - 31st December 201033.6%-
1st January 2001 - 31st December 201029.3%-
1st January 2002 - 31st December 201027.2%-
1st January 2003 - 31st December 201025.1%-
1st January 2004 - 31st December 201021.7%-
1st January 2005 - 31st December 201018.0%-
1st January 2006 - 31st December 201014.9%-
1st January 2007 - 31st December 201010.9%-
1st January 2008 - 31st December 20106.7%-
1st January 2009 - 31st December 20101.7%1.7%
1st January 2010 - 31st December 20103.1%2.5%

Signed by authority of the Secretary of State for Work and Pensions.

Steve Webb

Minister of State,

Department for Work and Pensions

30th November 2010

EXPLANATORY NOTE

(This note is not part of the Order)

This Order is made, as required by paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993 (c.48), in the year beginning 1st January 2010, and specifies the necessary revaluation percentages for the purpose of the revaluation on or after 1st January 2011 of benefits under occupational pension schemes, as required by section 84 of, and Schedule 3 to, that Act. It is not necessary to specify a lower revaluation percentage for revaluation periods which start before 1st January 2009.

This Order amends an existing regulatory regime by a pre-determined formula. A full impact assessment is not necessary for such legislation.

(1)

1993 c. 48; paragraph 2(1) of Schedule 3 was amended by the Pensions Act 2008 (c. 30), section 101 and Schedule 2, paragraphs 1 and 3(1) and (2).