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The Occupational Pensions (Revaluation) Order (Northern Ireland) 2014

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Statutory Rules of Northern Ireland

2014 No. 298

Pensions

The Occupational Pensions (Revaluation) Order (Northern Ireland) 2014

Made

5th December 2014

Coming into operation

1st January 2015

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) 2014 and shall come into operation on 1st January 2015.

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

The higher and lower revaluation percentages for each revaluation period

2.  For the purposes of paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993 (methods of revaluing accrued pension benefits), for each revaluation period specified in column 1 of the Schedule, the higher revaluation percentage is the percentage specified in column 2, and the lower revaluation percentage, where applicable, is the percentage specified in column 3, in relation to that period.

Sealed with the Official Seal of the Department for Social Development on 5th December 2014

(L.S.)

Anne McCleary

A senior officer of the Department for Social Development

Article 2

SCHEDULE

Column 1Column 2Column 3
Revaluation periodHigher revaluation percentageLower revaluation percentage
1st January 1986 – 31st December 2014160∙3%
1st January 1987 – 31st December 2014152∙5%
1st January 1988 – 31st December 2014142∙3%
1st January 1989 – 31st December 2014129∙2%
1st January 1990 – 31st December 2014113∙0%
1st January 1991 – 31st December 201492∙1%
1st January 1992 – 31st December 201484∙5%
1st January 1993 – 31st December 201478∙1%
1st January 1994 – 31st December 201475∙0%
1st January 1995 – 31st December 201471∙2%
1st January 1996 – 31st December 201464∙8%
1st January 1997 – 31st December 201461∙4%
1st January 1998 – 31st December 201455∙8%
1st January 1999 – 31st December 201451∙0%
1st January 2000 – 31st December 201449∙3%
1st January 2001 – 31st December 201444∙5%
1st January 2002 – 31st December 201442∙1%
1st January 2003 – 31st December 201439∙7%
1st January 2004 – 31st December 201435∙9%
1st January 2005 – 31st December 201431∙9%
1st January 2006 – 31st December 201428∙4%
1st January 2007 – 31st December 201423∙9%
1st January 2008 – 31st December 201419∙3%
1st January 2009 – 31st December 201413∙6%13∙6%
1st January 2010 – 31st December 201415∙2%13∙1%
1st January 2011 – 31st December 201411∙7%10∙4%
1st January 2012 – 31st December 20146∙2%6∙2%
1st January 2013 – 31st December 20143∙9%3∙9%
1st January 2014 – 31st December 20141∙2%1∙2%
(all dates inclusive)

EXPLANATORY NOTE

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2014/3078) 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. The lower revaluation percentage introduced by the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)) does not apply to pensionable service before 6th April 2009.

(1)

1993 c. 49; Schedule 2 was amended by paragraphs 1 to 3 of Schedule 1 to the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)), section 20(4) to (6) of the Pensions Act (Northern Ireland) 2012 (c. 3 (N.I.)) and regulation 2(3) of S.R. 2014 No. 213; 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)), section 20(1) to (3) of the Pensions Act (Northern Ireland) 2012, paragraph 13 of the Schedule to S.R. 2005 No. 434 and regulation 2(2) of S.R. 2014 No. 213

(2)

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

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