The Occupational Pensions (Revaluation) Order (Northern Ireland) 2010

Statutory Rules of Northern Ireland

2010 No. 413

Pensions

The Occupational Pensions (Revaluation) Order (Northern Ireland) 2010

Made

9th December 2010

Coming into operation

1st January 2011

This Order is made in exercise of the powers conferred by paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993(1) and now vested in the Department for Social Development(2).

The Secretary of State for Work and Pensions has made an Order(3) under paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993(4).

Accordingly the Department for Social Development makes the following Order:

Citation, commencement and interpretation

1.—(1) This Order may be cited as the Occupational Pensions (Revaluation) Order (Northern Ireland) 2010 and shall come into operation on 1st January 2011.

(2) The Interpretation Act (Northern Ireland) 1954(5) shall apply to this Order as it applies to an Act of the Assembly.

The higher and lower revaluation percentages for each revaluation period

2.  For the purposes of paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993, for each revaluation period specified in column 1 of the Schedule, the higher revaluation percentage is the percentage specified in column 2, and the lower revaluation percentage, where applicable, is the percentage specified in column 3, in relation to that period.

Sealed with the Official Seal of the Department for Social Development on 9th December 2010

(L.S.)

Anne McCleary

A senior officer of the Department for Social Development

Article 2

SCHEDULE

	Column 1		Column 2				Column 3
	Revaluation period		Higher revaluation percentage				Lower revaluation percentage
	1st January 1986 – 31st December 2010		132∙9%				–
	1st January 1987 – 31st December 2010		125∙9%				–
	1st January 1988 – 31st December 2010		116∙8%				–
	1st January 1989 – 31st December 2010		105∙1%				–
	1st January 1990 – 31st December 2010			90∙7%			–
	1st January 1991 – 31st December 2010			71∙9%			–
	1st January 1992 – 31st December 2010			65∙1%			–
	1st January 1993 – 31st December 2010			59∙4%			–
	1st January 1994 – 31st December 2010			56∙6%			–
	1st January 1995 – 31st December 2010			53∙2%			–
	1st January 1996 – 31st December 2010			47∙5%			–
	1st January 1997 – 31st December 2010			44∙4%			–
	1st January 1998 – 31st December 2010			39∙4%			–
	1st January 1999 – 31st December 2010			35∙1%			–
	1st January 2000 – 31st December 2010			33∙6%			–
	1st January 2001 – 31st December 2010			29∙3%			–
	1st January 2002 – 31st December 2010			27∙2%			–
	1st January 2003 – 31st December 2010			25∙1%			–
	1st January 2004 – 31st December 2010			21∙7%			–
	1st January 2005 – 31st December 2010			18∙0%			–
	1st January 2006 – 31st December 2010			14∙9%			–
	1st January 2007 – 31st December 2010			10∙9%			–
	1st January 2008 – 31st December 2010				6∙7%		–
	1st January 2009 – 31st December 2010				1∙7%		1∙7%
	1st January 2010 – 31st December 2010				3∙1%		2∙5%
	(all dates inclusive)

EXPLANATORY NOTE

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2010/2861) made by the Secretary of State for Work and Pensions under paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993, specifies appropriate revaluation percentages. The percentages specified are relevant to the revaluation of benefits under occupational pension schemes, as required by section 80 of, and Schedule 2 to, the Pension Schemes (Northern Ireland) Act 1993. The lower revaluation percentage introduced by the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)) does not apply to pensionable service before 6th April 2009.

(1)

1993 c. 49; Schedule 2 was amended by paragraphs 1 to 3 of Schedule 1 to the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)); see also section 80 as amended by Part III of Schedule 5 to the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)), Article 258 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255(N.I. 1)) and paragraph 13 of the Schedule to S.R. 2005 No. 434

(2)

See Article 8(b) of S.R. 1999 No. 481

(3)

S.I. 2010/2861

(4)

1993 c. 48

(5)

1954 c. 33 (N.I.)