Citation and commencement1
This Order may be cited as the Social Security Revaluation of Earnings Factors Order 2015 and comes into force on 6th April 2015.
Revaluation of earnings factors2
The earnings factors for tax years specified in the Schedule to this Order in so far as they are relevant—
a
to the calculation—
i
of the additional pension in the rate of any long-term benefit, or
ii
of any guaranteed minimum pension5; or
b
to any other calculation required under Part 3 of the Pension Schemes Act 19936 (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 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 rounding down any fraction of a pound less than one half and rounding up any other fraction of a pound.
Signed by the authority of the Secretary of State for Work and Pensions.