Now, therefore, the Department for Social Development, in exercise of the powers conferred by sections 130 and 165(1), (3), (4) and (5) of the Social Security Administration (Northern Ireland) Act 1992(1), and now vested in it(2), and of all other powers enabling it in that behalf, hereby makes the following Order:
Citation and commencement
1. This Order may be cited as the Social Security Revaluation of Earnings Factors Order (Northern Ireland) 2002 and shall come into operation on 6th April 2002.
Revaluation of earnings factors
2. The earnings factors(3) for tax years specified in the first column of the Schedule to this Order, in so far as they are relevant(4)—
(a)to the calculation—
(i)of the additional pension in the rate of any long-term benefit, or
(ii)of any guaranteed minimum pension, or
(b)to any other calculation required under Part III of the Pension Schemes (Northern Ireland) Act 1993(5) (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 the second column of 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 the rounding down of any fraction of a pound less than one half and the rounding up of any other fraction of a pound.
Sealed with the Official Seal of the Department for Social Development on 8th March 2002.
L.S.
John O'Neill
Senior Officer of the
Department for Social Development