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The Occupational Pensions (Revaluation) Order (Northern Ireland) 2016

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Statutory Rules of Northern Ireland

2016 No. 423

Pensions

The Occupational Pensions (Revaluation) Order (Northern Ireland) 2016

Made

7th December 2016

Coming into operation

1st January 2017

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 Communities(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 Communities makes the following Order:

Citation, commencement and interpretation

1.—(1) This Order may be cited as the Occupational Pensions (Revaluation) Order (Northern Ireland) 2016 and shall come into operation on 1st January 2017.

(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 Communities on 7th December 2016

(L.S.)

Anne McCleary

A senior officer of the Department for Communities

Article 2

SCHEDULE

Column 1Column 2Column 3
Revaluation periodHigher revaluation percentageLower revaluation percentage
1st January 1986 – 31st December 2016162∙6%
1st January 1987 – 31st December 2016154∙7%
1st January 1988 – 31st December 2016144∙5%
1st January 1989 – 31st December 2016131∙3%
1st January 1990 – 31st December 2016115∙0%
1st January 1991 – 31st December 201693∙8%
1st January 1992 – 31st December 201686∙2%
1st January 1993 – 31st December 201679∙7%
1st January 1994 – 31st December 201676∙5%
1st January 1995 – 31st December 201672∙7%
1st January 1996 – 31st December 201666∙3%
1st January 1997 – 31st December 201662∙8%
1st January 1998 – 31st December 201657∙2%
1st January 1999 – 31st December 201652∙3%
1st January 2000 – 31st December 201650∙6%
1st January 2001 – 31st December 201645∙8%
1st January 2002 – 31st December 201643∙4%
1st January 2003 – 31st December 201641∙0%
1st January 2004 – 31st December 201637∙2%
1st January 2005 – 31st December 201633∙0%
1st January 2006 – 31st December 201629∙5%
1st January 2007 – 31st December 201625∙0%
1st January 2008 – 31st December 201620∙3%
1st January 2009 – 31st December 201614∙6%14∙6%
1st January 2010 – 31st December 201616∙2%16∙2%
1st January 2011 – 31st December 201612∙7%12∙7%
1st January 2012 – 31st December 20167∙2%7∙2%
1st January 2013 – 31st December 20164∙9%4∙9%
1st January 2014 – 31st December 20162∙1%2∙1%
1st January 2015 – 31st December 20160∙9%0∙9%
1st January 2016 – 31st December 20161∙0%1∙0%
(all dates inclusive)

EXPLANATORY NOTE

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2016/1102) 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 and section 1(7) of the Departments Act (Northern Ireland) 2016 (c. 5 (N.I.))

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