2 Revaluation of earnings factors
The earnings factors for tax years specified in the Schedule to this Order, in so far as they are relevant—
(a) to the calculation—
(i) of the additional pension in the rate of any long-term benefit; or
(ii) of any guaranteed minimum pension; or
(b) to any other calculation required under Part III of the Pension Schemes Act 1993 (including that Part as modified by or under any other enactment),
are directed to be increased for those tax years by the percentage of their amount shown opposite those tax years in that Schedule.
Earnings factors for any tax year after 1996/97 are not relevant to the calculation of any guaranteed minimum; see section 14(8) of the Pension Schemes Act 1993 (c. 48) as amended by paragraph 27(b) of Schedule 5 to the Pensions Act 1995(c. 26). See also sections 45B, 55A and 55B of the Social Security Contributions and Benefits Act 1992, inserted by paragraphs 2 and 3 of Schedule 6 to the Welfare Reform and Pensions Act 1999 (c. 30), under which state scheme pension credits and debits are to be increased by reference to percentage figures specified in Orders under section 148 of the Social Security Administration Act 1992.