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25th November 1997
Laid before Parliament
2nd December 1997
Coming into force
1st January 1998
The Secretary of State for Social Security, in exercise of the powers conferred by paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993(1), hereby makes the following Order:
1.—(1) This Order may be cited as the Occupational Pensions (Revaluation) Order 1997.
(2) This Order shall come into force on 1st January 1998.
2. For the purposes of paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993, the revaluation percentage for each revaluation period specified in column 1 below is the appropriate percentage specified in column 2.
|Column 1||Column 2|
|Revaluation period||Revaluation percentage|
|1st January 1986–31st December 1997||67.1%|
|1st January 1987–31st December 1997||62.1%|
|1st January 1988–31st December 1997||55.5%|
|1st January 1989–31st December 1997||47.1%|
|1st January 1990–31st December 1997||36.8%|
|1st January 1991–31st December 1997||23.3%|
|1st January 1992–31st December 1997||18.5%|
|1st January 1993–31st December 1997||14.3%|
|1st January 1994–31st December 1997||12.3%|
|1st January 1995–31st December 1997||09.9%|
|1st January 1996–31st December 1997||05.8%|
|1st January 1997–31st December 1997||03.6%|
Signed by authority of the Secretary of State for Social Security.
John Y. Denham
Parliamentary Under-Secretary of State,
Department of Social Security
25th November 1997
(This note is not part of the Order)
This Order is made, as required by paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993, in the revaluation year beginning on 1st January 1997. The revaluation percentages specified are relevant to the revaluation of benefits under occupational pension schemes, as required by section 84 of, and Schedule 3 to, that Act.
This Order does not impose any costs on business.