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The Occupational Pensions (Revaluation) Order 2007

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Statutory Instruments

2007 No. 3369

pensions

The Occupational Pensions (Revaluation) Order 2007

Made

26th November 2007

Laid before Parliament

3rd December 2007

Coming into force

1st January 2008

The Secretary of State for Work and Pensions makes the following Order in exercise of the powers conferred by paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993(1).

Citation and commencement

1.—(1) This Order may be cited as the Occupational Pensions (Revaluation) Order 2007.

(2) This Order shall come into force on 1st January 2008.

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 percentage specified in column 2 in relation to that period.

Column 1Column 2
Revaluation periodRevaluation percentage
1st January 1986 - 31st December 2007118.2%
1st January 1987 - 31st December 2007111.7%
1st January 1988 - 31st December 2007103.1%
1st January 1989 - 31st December 200792.2%
1st January 1990 - 31st December 200778.6%
1st January 1991 - 31st December 200761.1%
1st January 1992 - 31st December 200754.7%
1st January 1993 - 31st December 200749.3%
1st January 1994 - 31st December 200746.7%
1st January 1995 - 31st December 200743.5%
1st January 1996 - 31st December 200738.2%
1st January 1997 - 31st December 200735.3%
1st January 1998 - 31st December 200730.6%
1st January 1999 - 31st December 200726.6%
1st January 2000 - 31st December 200725.2 %
1st January 2001 - 31st December 200721.2%
1st January 2002 - 31st December 200719.2%
1st January 2003 - 31st December 200717.2%
1st January 2004 - 31st December 200714.0%
1st January 2005 - 31st December 200710.5%
1st January 2006 - 31st December 20077.6%
1st January 2007 - 31st December 20073.9%

Signed by authority of the Secretary of State for Work and Pensions.

Mike O’Brien

Minister of State,

Department for Work and Pensions

26th November 2007

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 (c.48), in the year beginning 1st January 2007 and specifies the revaluation percentages for the purpose of the revaluation on or after 1st January 2008 of benefits under occupational pension schemes, as required by section 84 of, and Schedule 3 to, that Act.

A full impact assessment has not been produced for this instrument as it has negligible impact on the costs of business, charities or the voluntary sector.

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