The Social Security Revaluation of Earnings Factors Order (Northern Ireland) 2003

Made6th March 2003

Coming into operation6th April 2003

Whereas the Secretary of State for Work and Pensions has made an Order1 under sections 148(3) and (4) and 189(1), (4) and (5) of the Social Security Administration Act 19922:

Now, therefore, the Department for Social Development, in exercise of the powers conferred by sections 130 and 165(1), (4) and (5) of the Social Security Administration (Northern Ireland) Act 19923, and now vested in it4, and of all other powers enabling it in that behalf, hereby makes the following Order:

Citation and commencement1

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.

Revaluation of earnings factors2

The earnings factors5 for tax years specified in the first column of the Schedule to this Order, in so far as they are relevant6 –

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 III of the Pension Schemes (Northern Ireland) Act 19937 (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.

Rounding of fractional amounts3

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.

Sealed with the Official Seal of the Department for Social Development on 6th March 2003.

John O'NeillSenior Officer of theDepartment for Social Development

SCHEDULE

Article 2

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

(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.