2004 No. 475
PENSIONS

The Occupational Pensions (Revaluation) Order (Northern Ireland) 2004

Made
Coming into operation
Whereas the Secretary of State for Work and Pensions has made an Order1 under paragraph 2(1) of Schedule 3 to the Pension Schemes Act 19932:
Now, therefore, the Department for Social Development, in exercise of the powers conferred by paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 19933, and now vested in it4, and of all other powers enabling it in that behalf, hereby makes the following Order:

Citation, commencement and interpretation1.

(1)

This Order may be cited as the Occupational Pensions (Revaluation) Order (Northern Ireland) 2004 and shall come into operation on 1st January 2005.

(2)

The Interpretation Act (Northern Ireland) 19545 shall apply to this Order as it applies to an Act of the Assembly.

Revaluation percentage for each revaluation period2.

For the purposes of paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993, the revaluation percentage for each revaluation period specified in column 1 of the Schedule is the percentage specified opposite thereto in column 2.

Sealed with the Official Seal of the Department for Social Development on 15th November 2004.

John O'Neill
A senior officer of the
Department for Social Development

SCHEDULE

Article 2

Column 1

Column 2

Revaluation period

Revaluation percentage

1st January 1986–31st December 2004

97.4%

1st January 1987–31st December 2004

91.5%

1st January 1988–31st December 2004

83.8%

1st January 1989–31st December 2004

73.9%

1st January 1990–31st December 2004

61.6%

1st January 1991–31st December 2004

45.7%

1st January 1992–31st December 2004

40.0%

1st January 1993–31st December 2004

35.1%

1st January 1994–31st December 2004

32.7%

1st January 1995–31st December 2004

29.8%

1st January 1996–31st December 2004

25.0%

1st January 1997–31st December 2004

22.4%

1st January 1998–31st December 2004

18.1%

1st January 1999–31st December 2004

14.5%

1st January 2000–31st December 2004

13.2%

1st January 2001–31st December 2004

9.6%

1st January 2002–31st December 2004

7.8%

1st January 2003–31st December 2004

6.0%

1st January 2004–31st December 2004

3.1%

(all dates inclusive)

(This note is not part of the Order.)

This Order, which corresponds to an Order (S.I. 2004/2948) made by the Secretary of State for Work and Pensions under paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993 (c. 48) specifies appropriate revaluation percentages. The percentages specified are relevant to the revaluation of benefits under occupational pension schemes, as required by section 80 of, and Schedule 2 to, the Pension Schemes (Northern Ireland) Act 1993 (c. 49).

This Order does not impose any costs on business.