- Latest available (Revised)
- Original (As made)
The Occupational Pensions (Revaluation) Order 2017
You are here:
- UK Statutory Instruments
- 2017 No. 1104
- Whole Instrument
- Previous
- Next
What Version
Opening Options
More Resources
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
2017 No. 1104
Pensions
The Occupational Pensions (Revaluation) Order 2017
Made
15th November 2017
Laid before Parliament
20th November 2017
Coming into force
1st January 2018
The Secretary of State for Work and Pensions makes the following Order in exercise of the power conferred by paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993(1).
Citation and commencement
1. This Order may be cited as the Occupational Pensions (Revaluation) Order 2017 and comes into force on 1st January 2018.
The higher and lower revaluation percentages for each revaluation period
2. For the purposes of paragraph 1 (the final salary method)(2) of Schedule 3 (methods of revaluing accrued pension benefits) to the Pension Schemes Act 1993, for each revaluation period referred to in an entry in column 1 below—
(a)the higher revaluation percentage is the percentage specified in the corresponding entry in column 2, and
(b)the lower revaluation percentage, if any, is the percentage specified in the corresponding entry in column 3.
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| Revaluation period | Higher revaluation percentage | Lower revaluation percentage |
| 1st January 1986 - 31st December 2017 | 170.5% | - |
| 1st January 1987 - 31st December 2017 | 162.4% | - |
| 1st January 1988 - 31st December 2017 | 151.8% | - |
| 1st January 1989 - 31st December 2017 | 138.2% | - |
| 1st January 1990 - 31st December 2017 | 121.4% | - |
| 1st January 1991 - 31st December 2017 | 99.6% | - |
| 1st January 1992 - 31st December 2017 | 91.8% | - |
| 1st January 1993 - 31st December 2017 | 85.1% | - |
| 1st January 1994 - 31st December 2017 | 81.8% | - |
| 1st January 1995 - 31st December 2017 | 77.9% | - |
| 1st January 1996 - 31st December 2017 | 71.2% | - |
| 1st January 1997 - 31st December 2017 | 67.7% | - |
| 1st January 1998 - 31st December 2017 | 61.9% | - |
| 1st January 1999 - 31st December 2017 | 56.9% | - |
| 1st January 2000 - 31st December 2017 | 55.2% | - |
| 1st January 2001 - 31st December 2017 | 50.2% | - |
| 1st January 2002 - 31st December 2017 | 47.7% | - |
| 1st January 2003 - 31st December 2017 | 45.2% | - |
| 1st January 2004 - 31st December 2017 | 41.3% | - |
| 1st January 2005 - 31st December 2017 | 37.0% | - |
| 1st January 2006 - 31st December 2017 | 33.4% | - |
| 1st January 2007 - 31st December 2017 | 28.8% | - |
| 1st January 2008 - 31st December 2017 | 24.0% | - |
| 1st January 2009 - 31st December 2017 | 18.1% | 18.1% |
| 1st January 2010 - 31st December 2017 | 19.7% | 19.7% |
| 1st January 2011 - 31st December 2017 | 16.1% | 16.1% |
| 1st January 2012 - 31st December 2017 | 10.4% | 10.4% |
| 1st January 2013 - 31st December 2017 | 8.0% | 8.0% |
| 1st January 2014 - 31st December 2017 | 5.2% | 5.2% |
| 1st January 2015 – 31st December 2017 | 3.9% | 3.9% |
| 1st January 2016 - 31st December 2017 | 4.0% | 4.0% |
| 1st January 2017 - 31st December 2017 | 3.0% | 2.5% |
Signed by authority of the Secretary of State for Work and Pensions
Guy Opperman
Parliamentary Under-Secretary of State
Department for Work and Pensions
15th November 2017
EXPLANATORY NOTE
(This note is not part of the Order)
Section 84 of the Pension Schemes Act 1993 (c. 48) (“the 1993 Act”) requires pensions and other benefits under occupational pension schemes to be revalued by the final salary method (which is dealt with in Schedule 3 to that Act). For the purposes of that revaluation and, as required by paragraph 2 of Schedule 3 to the 1993 Act, this Order specifies the necessary revaluation percentages for the purpose of the revaluation on or after 1st January 2018 of benefits under occupational pension schemes. It is not necessary to specify a lower revaluation percentage for revaluation periods which start before 1st January 2009.
This Order amends an existing regulatory regime by a pre-determined formula and the administrative impact of its implementation is negligible.
A full impact assessment is not necessary for such legislation.
(1)
1993 c.48 (“the 1993 Act”); paragraph 2(1) of Schedule 3 was amended by section 101 of, and paragraphs 1 and 3(1) and (2) of Schedule 2 to, the Pensions Act 2008 (c.30).
(2)
The Secretary of State is required, by paragraph 2(1) of Schedule 3 to the 1993 Act, to specify in each calendar year higher and lower percentage rates to be used to revalue accrued pension benefits for the purposes of paragraph 1 of that Schedule.
Options/Help
Print Options
PrintThe Whole Instrument
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.