2008 No. 3070

Pensions

The Occupational Pensions (Revaluation) Order 2008

Made

Laid before Parliament

Coming into force

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 19931.

Citation and commencement1

1

This Order may be cited as the Occupational Pensions (Revaluation) Order 2008.

2

This Order shall come into force on 1st January 2009.

The revaluation percentage for each revaluation period2

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 1

Column 2

Revaluation period

Revaluation percentage

1st January 1986 - 31st December 2008

129.1%

1st January 1987 - 31st December 2008

122.3%

1st January 1988 - 31st December 2008

113.3%

1st January 1989 - 31st December 2008

101.8%

1st January 1990 - 31st December 2008

87.5%

1st January 1991 - 31st December 2008

69.1%

1st January 1992 - 31st December 2008

62.4%

1st January 1993 - 31st December 2008

56.8%

1st January 1994 - 31st December 2008

54.0%

1st January 1995 - 31st December 2008

50.7%

1st January 1996 - 31st December 2008

45.1%

1st January 1997 - 31st December 2008

42.1%

1st January 1998 - 31st December 2008

37.1%

1st January 1999 - 31st December 2008

32.9%

1st January 2000 - 31st December 2008

31.4%

1st January 2001 - 31st December 2008

27.2%

1st January 2002 - 31st December 2008

25.1%

1st January 2003 - 31st December 2008

23.0%

1st January 2004 - 31st December 2008

19.7%

1st January 2005 - 31st December 2008

16.1%

1st January 2006 - 31st December 2008

13.0%

1st January 2007 - 31st December 2008

9.1%

1st January 2008 – 31st December 2008

5.0%

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

William D. McKenzieParliamentary Under-Secretary of State,Department for Work and Pensions
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 2008 and specifies the revaluation percentages for the purpose of the revaluation on or after 1st January 2009 of benefits under occupational pension schemes, as required by section 84 of, and Schedule 3 to, that Act.

This Order amends an existing regulatory regime by a pre-determined formula. A full impact assessment is not necessary for such legislation.