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The Occupational Pensions (Revaluation) Order (Northern Ireland) 2007

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Statutory Rules of Northern Ireland

2007 No. 486

PENSIONS

The Occupational Pensions (Revaluation) Order (Northern Ireland) 2007

Made

29th November 2007

Coming into operation

1st January 2008

This Order is made in exercise of the powers conferred by paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993(1) and now vested in the Department for Social Development(2).

The Secretary of State for Work and Pensions has made an Order(3) under paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993(4).

Accordingly the Department for Social Development makes the following Order:

Citation, commencement and interpretation

1.—(1) This Order may be cited as the Occupational Pensions (Revaluation) Order (Northern Ireland) 2007 and shall come into operation on 1st January 2008.

(2) The Interpretation Act (Northern Ireland) 1954(5) shall apply to this Order as it applies to an Act of the Assembly.

Revaluation percentage for each revaluation period

2.  For the purposes of paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993, the revaluation percentage for each revaluation period specified in column 1 of the Schedule is the percentage specified in column 2 in relation to that period.

Sealed with the Official Seal of the Department for Social Development on 29th November 2007

(L.S.)

John O’Neill

A senior officer of the Department for Social Development

Article 2

SCHEDULE

Column 1Column 2
Revaluation periodRevaluation percentage
1st January 1986 – 31st December 2007118.2%
1st January 1987 – 31st December 2007111.7%
1st January 1988 – 31st December 2007103.1%
1st January 1989 – 31st December 200792.2%
1st January 1990 – 31st December 200778.6%
1st January 1991 – 31st December 200761.1%
1st January 1992 – 31st December 200754.7%
1st January 1993 – 31st December 200749.3%
1st January 1994 – 31st December 200746.7%
1st January 1995 – 31st December 200743.5%
1st January 1996 – 31st December 200738.2%
1st January 1997 – 31st December 200735.3%
1st January 1998 – 31st December 200730.6%
1st January 1999 – 31st December 200726.6%
1st January 2000 – 31st December 200725.2%
1st January 2001 – 31st December 200721.2%
1st January 2002 – 31st December 200719.2%
1st January 2003 – 31st December 200717.2%
1st January 2004 – 31st December 200714.0%
1st January 2005 – 31st December 200710.5%
1st January 2006 – 31st December 20077.6%
1st January 2007 – 31st December 20073.9%
(all dates inclusive)

EXPLANATORY NOTE

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2007/3369) made by the Secretary of State for Work and Pensions under paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993, specifies appropriate revaluation percentages. The percentages specified are relevant to the revaluation of benefits under occupational pension schemes, as required by section 80 of, and Schedule 2 to, the Pension Schemes (Northern Ireland) Act 1993.

(1)

1993 c. 49; Schedule 2 was amended by paragraph 20 of the Schedule to S.R. 2005 No. 434; see also section 80 as amended by Part III of Schedule 5 to the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)), Article 258 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255(N.I. 1)) and paragraph 13 of the Schedule to S.R. 2005 No. 434

(2)

See Article 8(b) of S.R. 1999 No. 481

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