Pension Schemes (Northern Ireland) Act 1993

The revaluation percentage and the appropriate revaluation percentage N.I.

Prospective

2 (1) Whenever the Secretary of State makes an order under paragraph 2 of Schedule 3 to the M1 Pension Schemes Act 1993 specifying [F1 a higher revaluation percentage and a lower revaluation percentage] for each revaluation period within the meaning of that paragraph, the Department may make an order specifying [F2 a corresponding higher revaluation percentage and a corresponding lower revaluation percentage] for each revaluation period (as defined in paragraph (2)). N.I.

(2) A period is a “revaluation period”, in relation to each order under this paragraph, if it is a period which—

(a) begins with 1st January 1986 or with an anniversary of that date falling before the making of the order; and

(b) ends with the next day after the making of the order which is 31st December.

[F3 (3) In paragraph 1—

• “the appropriate higher revaluation percentage” means the higher revaluation percentage specified in the last calendar year before the date on which the member attains normal pension age as the higher revaluation percentage for the revaluation period which is of the same length as the number of complete years in the pre-pension period;

• “the appropriate lower revaluation percentage” has a corresponding meaning.]

Textual Amendments

F1 Words in Sch. 2 para. 2(1) substituted (6.4.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), s. 118(1), Sch. 1 para. 3(2)(a) (with ss. 73, 80(2)); S.R. 2009/22, art. 2(2)(c)

F2 Words in Sch. 2 para. 2(1) substituted (6.4.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), s. 118(1), Sch. 1 para. 3(2)(b) (with ss. 73, 80(2)); S.R. 2009/22, art. 2(2)(c)

F3 Sch. 2 para. 2(3) substituted (6.4.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), s. 118(1), Sch. 1 para. 3(3) (with ss. 73, 80(2)); S.R. 2009/22, art. 2(2)(c)

Modifications etc. (not altering text)

C1 Sch. 2 para. 2(1) modified (1.1.2014) by The Occupational Pensions (Revaluation) Order (Northern Ireland) 2013 (S.R. 2013/283), arts. 1(1), 2

Marginal Citations

M1 1993 c. 48.

[F4 2A (1) This paragraph applies to the pension or other benefit if the rules of the scheme under which it is payable contain a requirement that the accrued benefit be revalued by adding to the accrued benefit an amount of at least the relevant amount.

(2) “The accrued benefit” has the same meaning as in paragraph 1.

(3) “The relevant amount” means the amount which, ignoring paragraph 1(5) and (6), would be the additional amount specified in paragraph 1(1A), (1B), (1C) or (1D) (as the case may be) were the appropriate higher revaluation percentage and the appropriate lower revaluation percentage to be determined on the following basis.

(4) The higher revaluation percentage and the lower revaluation percentage for the revaluation period mentioned in paragraph 2(3) are to be taken to be the percentages which would have been specified in the Secretary of State's order under paragraph 2 of Schedule 3 to the Pension Schemes Act 1993 had the modifications set out in paragraph 2A(4) of that Schedule applied to paragraph 2 of that Schedule.]

Textual Amendments

F4 Sch. 2 para. 2A inserted (7.6.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), ss. 20(6), 34(3); S.R. 2012/233, art. 2(2)(e)