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Social Security Act 1989

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This is the original version (as it was originally enacted).

13(1)In section 52A of that Act (Secretary of State to specify revaluation percentage) in subsection (3) for the words from “, in the light” onwards there shall be substituted the words “to be the percentage increase in the general level of prices obtaining in Great Britain during the period which is the reference period in relation to that revaluation period, estimated in such manner as he thinks fit.”

(2)For subsection (8) of that section (calculation of revaluation percentage where price increases exceed 5 per cent. per annum) there shall be substituted—

(8)Where, apart from this subsection, the revaluation percentage in relation to a revaluation period would exceed the maximum rate, the Secretary of State shall instead specify as the revaluation percentage for that period a percentage equal to the maximum rate.

(9)For the purposes of subsection (8) above, “the maximum rate”, in relation to a revaluation period, is—

(a)in the case of a revaluation period of 12 months, 5 per cent.; and

(b)in any other case, the percentage that would be the revaluation percentage had the general level of prices increased at the rate of 5 per cent. compound per annum during the reference period in question.

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