The Occupational Pensions (Revaluation) Order 2021
Citation, commencement and extent1.
(1)
This Order may be cited as the Occupational Pensions (Revaluation) Order 2021 and comes into force on 1st January 2022.
(2)
This Order extends to England and Wales and Scotland.
The higher and lower revaluation percentages for each revaluation period2.
(a)
(b)
Column 1 Revaluation period | Column 2 Higher revaluation percentage | Column 3 Lower revaluation percentage |
|---|---|---|
1st January 1986 - 31st December 2021 | 191.9% | - |
1st January 1987 - 31st December 2021 | 183.1% | - |
1st January 1988 - 31st December 2021 | 171.7% | - |
1st January 1989 - 31st December 2021 | 157.1% | - |
1st January 1990 - 31st December 2021 | 138.9% | - |
1st January 1991 - 31st December 2021 | 115.4% | - |
1st January 1992 - 31st December 2021 | 106.9% | - |
1st January 1993 - 31st December 2021 | 99.7% | - |
1st January 1994 - 31st December 2021 | 96.2% | - |
1st January 1995 - 31st December 2021 | 92.0% | - |
1st January 1996 - 31st December 2021 | 84.8% | - |
1st January 1997 - 31st December 2021 | 81.0% | - |
1st January 1998 - 31st December 2021 | 74.7% | - |
1st January 1999 - 31st December 2021 | 69.3% | - |
1st January 2000 - 31st December 2021 | 67.4% | - |
1st January 2001 - 31st December 2021 | 62.1% | - |
1st January 2002 - 31st December 2021 | 59.4% | - |
1st January 2003 - 31st December 2021 | 56.7% | - |
1st January 2004 - 31st December 2021 | 52.4% | - |
1st January 2005 - 31st December 2021 | 47.9% | - |
1st January 2006 - 31st December 2021 | 44.0% | - |
1st January 2007 - 31st December 2021 | 39.0% | - |
1st January 2008 - 31st December 2021 | 33.8% | - |
1st January 2009 - 31st December 2021 | 27.4% | 27.4% |
1st January 2010 - 31st December 2021 | 29.2% | 29.2% |
1st January 2011 - 31st December 2021 | 25.3% | 25.3% |
1st January 2012 - 31st December 2021 | 19.1% | 19.1% |
1st January 2013 - 31st December 2021 | 16.6% | 16.6% |
1st January 2014 - 31st December 2021 | 13.5% | 13.5% |
1st January 2015 - 31st December 2021 | 12.1% | 12.1% |
1st January 2016 - 31st December 2021 | 12.3% | 12.3% |
1st January 2017 - 31st December 2021 | 11.1% | 11.1% |
1st January 2018 - 31st December 2021 | 7.9% | 7.9% |
1st January 2019 - 31st December 2021 | 5.4% | 5.4% |
1st January 2020 - 31st December 2021 | 3.6% | 3.6% |
1st January 2021 - 31st December 2021 | 3.1% | 2.5% |
Signed by authority of the Secretary of State for Work and Pensions
Section 84 of the Pension Schemes Act 1993 (c. 48) requires certain 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 purpose of the revaluation of benefits payable to or in respect of persons who attain their scheme’s normal pension age in 2022, and as required by paragraph 2 of Schedule 3 to that Act, this Order specifies the necessary revaluation percentages for each of the revaluation periods between 1st January 1986 and 31st December 2021. 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 has not been produced for this Order as no, or no significant, impact on the private, voluntary or public sector is foreseen.