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Statutory Rules of Northern Ireland

2022 No. 300

Pensions

The Occupational Pensions (Revaluation) Order (Northern Ireland) 2022

Made

7th December 2022

Coming into operation

1st January 2023

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 Communities(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 Communities makes the following Order:

Citation, commencement and interpretation

1.—(1) This Order may be cited as the Occupational Pensions (Revaluation) Order (Northern Ireland) 2022 and shall come into operation on 1st January 2023.

(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 (methods of revaluing accrued pension benefits), for each revaluation period specified in column 1 of the Schedule—

(a)the higher revaluation percentage is the percentage specified in column 2, and

(b)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 Communities on 7th December 2022

(L.S.)

Anne McCleary

A senior officer of the Department for Communities

Article 2

SCHEDULE

Column 1

Revaluation period

Column 2

Higher revaluation

percentage

Column 3

Lower revaluation

percentage

1st January 1986 – 31st December 2022221∙4%-
1st January 1987 – 31st December 2022211∙7%-
1st January 1988 – 31st December 2022199∙2%-
1st January 1989 – 31st December 2022183∙0%-
1st January 1990 – 31st December 2022163∙0%-
1st January 1991 – 31st December 2022137∙2%-
1st January 1992 – 31st December 2022127∙8%-
1st January 1993 – 31st December 2022119∙9%-
1st January 1994 – 31st December 2022116∙0%-
1st January 1995 – 31st December 2022111∙4%-
1st January 1996 – 31st December 2022103∙4%-
1st January 1997 – 31st December 202299∙3%-
1st January 1998 – 31st December 202292∙3%-
1st January 1999 – 31st December 202286∙4%-
1st January 2000 – 31st December 202284∙3%-
1st January 2001 – 31st December 202278∙5%-
1st January 2002 – 31st December 202275∙5%-
1st January 2003 – 31st December 202272∙5%-
1st January 2004 – 31st December 202267∙8%-
1st January 2005 – 31st December 202262∙8%-
1st January 2006 – 31st December 202258∙5%-
1st January 2007 – 31st December 202253∙0%-
1st January 2008 – 31st December 202247∙3%-
1st January 2009 – 31st December 202240∙3%40∙3%
1st January 2010 – 31st December 202242∙2%37∙9%
1st January 2011 – 31st December 202238∙0%34∙5%
1st January 2012 – 31st December 202231∙1%31∙1%
1st January 2013 – 31st December 202228∙3%28∙0%
1st January 2014 – 31st December 202225∙0%24∙9%
1st January 2015 – 31st December 202223∙5%21∙8%
1st January 2016 – 31st December 202223∙6%18∙9%
1st January 2017 – 31st December 202222∙4%16∙0%
1st January 2018 – 31st December 202218∙8%13∙1%
1st January 2019 – 31st December 202216∙0%10∙4%
1st January 2020 – 31st December 202214∙1%7∙7%
1st January 2021 – 31st December 202210∙3%5∙1%
1st January 2022 – 31st December 20225∙0%2∙5%
(all dates inclusive)

EXPLANATORY NOTE

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2022/1229) 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.)), section 20(4) to (6) of the Pensions Act (Northern Ireland) 2012 (c. 3 (N.I.)), regulation 2(3) of S.R.  2014 No. 213 and regulation 68(10) of S.I. 2019/1514; see also section 80 as amended by Part 3 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)), section 20(1) to (3) of the Pensions Act (Northern Ireland) 2012, paragraph 13 of the Schedule to S.R. 2005 No. 434, regulation 2(2) of S.R. 2014 No. 213 and regulation 68(8) of S.I. 2019/1514

(2)

See Article 8(b) of S.R. 1999 No. 481 and section 1(7) of the Departments Act (Northern Ireland) 2016 (c. 5 (N.I.))