The Social Security Revaluation of Earnings Factors Order 2016

Citation and commencement

1.  This Order may be cited as the Social Security Revaluation of Earnings Factors Order 2016 and shall come into force on 6th April 2016.

Revaluation of earnings factors

2.  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 pension(1); or

(b) to any other calculation required under Part 3 of the Pension Schemes Act 1993(2) (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 amounts

3.  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 authority of the Secretary of State for Work and Pensions

Altmann

Minister of State,

Department for Work and Pensions

22nd February 2016