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The Occupational Pensions (Revaluation) Order 1997

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Statutory Instruments

1997 No. 2815

PENSIONS

The Occupational Pensions (Revaluation) Order 1997

Made

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:

Citation and commencement

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.

The revaluation percentage for each revaluation period

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 1Column 2
Revaluation periodRevaluation percentage
1st January 1986–31st December 199767.1%
1st January 1987–31st December 199762.1%
1st January 1988–31st December 199755.5%
1st January 1989–31st December 199747.1%
1st January 1990–31st December 199736.8%
1st January 1991–31st December 199723.3%
1st January 1992–31st December 199718.5%
1st January 1993–31st December 199714.3%
1st January 1994–31st December 199712.3%
1st January 1995–31st December 199709.9%
1st January 1996–31st December 199705.8%
1st January 1997–31st December 199703.6%

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

Explanatory Note

(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.

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