Statutory Instruments
Public Service Pensions
Made
4th March 2020
Laid before the House of Commons
9th March 2020
Coming into force
1st April 2020
The Treasury make the following Order in exercise of the powers conferred by section 9(2) and (3) of the Public Service Pensions Act 2013(1).
1. This Order may be cited as the Public Service Pensions Revaluation Order 2020 and comes into force on 1st April 2020.
2. For the purposes of section 9(2) of the Public Service Pensions Act 2013 (revaluation), in relation to the period beginning on 1st April 2019 and ending on 31st March 2020—
(a)the change in prices is an increase of 1.7 per cent; and
(b)the change in earnings is an increase of 4 per cent.
Iain Stewart
Maggie Throup
Two of the Lords Commissioners of Her Majesty’s Treasury
4th March 2020
(This note is not part of the Order)
Section 9 of the Public Service Pensions Act 2013 (c.25) applies to public service pension schemes established under that Act which require a revaluation of pensionable earnings, or a proportion of such earnings accrued as a pension, by reference to a change in prices or earnings (or both) in a given period.
In relation to the period 1st April 2019 to 31st March 2020 inclusive, article 2 of this Order specifies an increase in prices of 1.7 per cent, based on a measure of the year on year change in the Consumer Prices Index to September 2019; and an increase in earnings of 4 per cent, based on a measure of the year on year change in average weekly earnings in September 2019.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.