The Occupational Pensions (Revaluation) Order (Northern Ireland) 2023

Statutory Rules of Northern Ireland

2023 No. 193

Pensions

The Occupational Pensions (Revaluation) Order (Northern Ireland) 2023

Made

28th November 2023

Coming into operation

1st January 2024

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 N.I.

1.—(1) This Order may be cited as the Occupational Pensions (Revaluation) Order (Northern Ireland) 2023 and shall come into operation on 1st January 2024.

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

Commencement Information

I1 Art. 1 in operation at 1.1.2024, see art. 1(1)

The higher and lower revaluation percentages for each revaluation period N.I.

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—

(a) the higher revaluation percentage is the percentage specified in column 2, and

(b) the lower revaluation percentage, where applicable, is the percentage specified in column 3,

in relation to that period.

Commencement Information

I2 Art. 2 in operation at 1.1.2024, see art. 1(1)

Sealed with the Official Seal of the Department for Communities on 28th November 2023

(L.S.)

David Tarr

A senior officer of the Department for Communities

Article 2

SCHEDULE N.I.

Commencement Information

I3 Sch. in operation at 1.1.2024, see art. 1(1)

Column 1 Revaluation period	Column 2 Higher revaluation percentage	Column 3 Lower revaluation percentage
1st January 1986 – 31st December 2023	242∙9%	-
1st January 1987 – 31st December 2023	232∙6%	-
1st January 1988 – 31st December 2023	219∙2%	-
1st January 1989 – 31st December 2023	202∙0%	-
1st January 1990 – 31st December 2023	180∙7%	-
1st January 1991 – 31st December 2023	153∙1%	-
1st January 1992 – 31st December 2023	143∙1%	-
1st January 1993 – 31st December 2023	134∙7%	-
1st January 1994 – 31st December 2023	130∙5%	-
1st January 1995 – 31st December 2023	125∙5%	-
1st January 1996 – 31st December 2023	117∙1%	-
1st January 1997 – 31st December 2023	112∙6%	-
1st January 1998 – 31st December 2023	105∙2%	-
1st January 1999 – 31st December 2023	98∙9%	-
1st January 2000 – 31st December 2023	96∙7%	-
1st January 2001 – 31st December 2023	90∙4%	-
1st January 2002 – 31st December 2023	87∙2%	-
1st January 2003 – 31st December 2023	84∙1%	-
1st January 2004 – 31st December 2023	79∙1%	-
1st January 2005 – 31st December 2023	73∙7%	-
1st January 2006 – 31st December 2023	69∙1%	-
1st January 2007 – 31st December 2023	63∙3%	-
1st January 2008 – 31st December 2023	57∙1%	-
1st January 2009 – 31st December 2023	49∙6%	44∙8%
1st January 2010 – 31st December 2023	51∙8%	41∙3%
1st January 2011 – 31st December 2023	47∙2%	37∙9%
1st January 2012 – 31st December 2023	39∙9%	34∙5%
1st January 2013 – 31st December 2023	36∙9%	31∙2%
1st January 2014 – 31st December 2023	33∙3%	28∙0%
1st January 2015 – 31st December 2023	31∙7%	24∙9%
1st January 2016 – 31st December 2023	31∙9%	21∙8%
1st January 2017 – 31st December 2023	30∙6%	18∙9%
1st January 2018 – 31st December 2023	26∙8%	16∙0%
1st January 2019 – 31st December 2023	23∙8%	13∙1%
1st January 2020 – 31st December 2023	21∙6%	10∙4%
1st January 2021 – 31st December 2023	15∙8%	7∙7%
1st January 2022 – 31st December 2023	10∙3%	5∙1%
1st January 2023 – 31st December 2023	5∙0%	2∙5%
(all dates inclusive)

EXPLANATORY NOTE

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2023/1265) 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.)), paragraph 5 of Schedule 6 to the Pension Schemes Act 2021 (c. 1), regulation 2(3) of S.R.  2014 No. 213 and regulation 68(10) of S.I. 2019/1514; see also section 80 as amended by Part 3 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 2 of Schedule 6 to the Pension Schemes Act 2021, paragraph 13 of the Schedule to S.R. 2005 No. 434, regulation 2(2) of S.R. 2014 No. 213 and regulation 68(8) of S.I. 2019/1514

(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.))

(3)

S.I. 2023/1265

(4)

1993 c. 48

(5)

1954 c. 33 (N.I.)