2023 No. 1265
The Occupational Pensions (Revaluation) Order 2023
Made
Laid before Parliament
Coming into force
The Secretary of State makes the following Order in exercise of the powers conferred by section 182(2) and paragraph 2(1) of Schedule 3 to the Pension Schemes Act 19931.
Citation, commencement and extent1
1
This Order may be cited as the Occupational Pensions (Revaluation) Order 2023 and comes into force on 1st January 2024.
2
This Order extends to England and Wales and Scotland.
The higher and lower revaluation percentages for each revaluation period2
For the purposes of paragraph 1 of Schedule 3 to the Pension Schemes Act 1993 (methods of revaluing accrued pension benefits: the final salary method)2, for each revaluation period specified in an entry in column 1 of the table—
a
the higher revaluation percentage3 is the percentage specified in the corresponding entry in column 2 of that table; and
b
the lower revaluation percentage4, if any, is the percentage specified in the corresponding entry in column 3 of that table.
Column 1 | Column 2 | Column 3 |
|---|---|---|
Revaluation period | Higher revaluation percentage | Lower revaluation percentage |
1st January 1986 - 31st December 2023 | 242.9% | - |
1st January 1987 - 31st December 2023 | 232.6% | - |
1st January 1988 - 31st December 2023 | 219.2% | - |
1st January 1989 - 31st December 2023 | 202.0% | - |
1st January 1990 - 31st December 2023 | 180.7% | - |
1st January 1991 - 31st December 2023 | 153.1% | - |
1st January 1992 - 31st December 2023 | 143.1% | - |
1st January 1993 - 31st December 2023 | 134.7% | - |
1st January 1994 - 31st December 2023 | 130.5% | - |
1st January 1995 - 31st December 2023 | 125.5% | - |
1st January 1996 - 31st December 2023 | 117.1% | - |
1st January 1997 - 31st December 2023 | 112.6% | - |
1st January 1998 - 31st December 2023 | 105.2% | - |
1st January 1999 - 31st December 2023 | 98.9% | - |
1st January 2000 - 31st December 2023 | 96.7% | - |
1st January 2001 - 31st December 2023 | 90.4% | - |
1st January 2002 - 31st December 2023 | 87.2% | - |
1st January 2003 - 31st December 2023 | 84.1% | - |
1st January 2004 - 31st December 2023 | 79.1% | - |
1st January 2005 - 31st December 2023 | 73.7% | - |
1st January 2006 - 31st December 2023 | 69.1% | - |
1st January 2007 - 31st December 2023 | 63.3% | - |
1st January 2008 - 31st December 2023 | 57.1% | - |
1st January 2009 - 31st December 2023 | 49.6% | 44.8% |
1st January 2010 - 31st December 2023 | 51.8% | 41.3% |
1st January 2011 - 31st December 2023 | 47.2% | 37.9% |
1st January 2012 - 31st December 2023 | 39.9% | 34.5% |
1st January 2013 - 31st December 2023 | 36.9% | 31.2% |
1st January 2014 - 31st December 2023 | 33.3% | 28.0% |
1st January 2015 - 31st December 2023 | 31.7% | 24.9% |
1st January 2016 - 31st December 2023 | 31.9% | 21.8% |
1st January 2017 - 31st December 2023 | 30.6% | 18.9% |
1st January 2018 - 31st December 2023 | 26.8% | 16.0% |
1st January 2019 - 31st December 2023 | 23.8% | 13.1% |
1st January 2020 - 31st December 2023 | 21.6% | 10.4% |
1st January 2021 - 31st December 2023 | 15.8% | 7.7% |
1st January 2022 - 31st December 2023 | 10.3% | 5.1% |
1st January 2023 - 31st December 2023 | 5.0% | 2.5% |
Signed by authority of the Secretary of State for Work and Pensions
(This note is not part of the Order)