2020 No. 1391
The State Pension Debits and Credits (Revaluation) (No. 2) Order 2020
Made
Laid before Parliament
Coming into force in accordance with article 1(2)
The Secretary of State for Work and Pensions has reviewed the general level of prices in Great Britain in accordance with section 148AD(1) of the Social Security Administration Act 19921.
The Secretary of State has had regard to the earlier orders under that section, and it appears to the Secretary of State that relevant debits or credits have not, during the review period, maintained their value in relation to the general level of prices2.
Accordingly the Secretary of State makes the following Order in exercise of the powers conferred by sections 148AD(2) and (3) and 189(1) and (4) of the Social Security Administration Act 19923.
Citation and commencement1
1
This Order may be cited as the State Pension Debits and Credits (Revaluation) (No. 2) Order 2020.
2
This Order comes into force on—
a
24th December 2020 for the purpose of making an award on a claim for a state pension under regulation 15(1) of the Social Security (Claims and Payments) Regulations 1987 (advance notice of retirement and claim for and award of pension)4 to a person who reaches pensionable age5 on or after 13th April 2021; and
b
12th April 2021 for all other purposes.
3
In this article “a state pension” means a state pension under Part 1 of the Pensions Act 20146.
Increase in the amount of relevant debits or credits2
For the purposes of paragraph 3 of each of Schedules 8 and 10 to the Pensions Act 2014 (pension sharing: appropriate weekly rate and reduction), the amount of relevant debits or credits for the tax year specified in the first column of the table set out in the Schedule to this Order is to be increased by the percentage of their amount specified in the corresponding entry in the second column.
Signed by authority of the Secretary of State for Work and Pensions
SCHEDULEPercentage increase of the amounts of relevant debits or credits for the specified tax years
Tax year | Percentage increase |
---|---|
2016-2017 | 8.9 |
2017-2018 | 7.8 |
2018-2019 | 4.7 |
2019-2020 | 2.3 |
2020-2021 | 0.5 |
(This note is not part of the Order)