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The Public Service Pensions Revaluation Order 2021
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Statutory Instruments
2021 No. 276
Public Service Pensions
The Public Service Pensions Revaluation Order 2021
Made
8th March 2021
Laid before the House of Commons
11th March 2021
Coming into force
1st April 2021
The Treasury make the following Order in exercise of the powers conferred by section 9(2) and (3) of the Public Service Pensions Act 2013(1).
Citation and commencement
1. This Order may be cited as the Public Service Pensions Revaluation Order 2021 and comes into force on 1st April 2021.
Revaluation by reference to change in prices or earnings
2. For the purposes of section 9(2) of the Public Service Pensions Act 2013 (revaluation), in relation to the period beginning on 1st April 2020 and ending on 31st March 2021—
(a)the change in prices is an increase of 0.5 per cent; and
(b)the change in earnings is an increase of 2.4 per cent.
David Rutley
James Morris
Two of the Lords Commissioners of Her Majesty’s Treasury
8th March 2021
EXPLANATORY NOTE
(This note is not part of the Order)
Section 9 of the Public Service Pensions Act 2013 (c.25) applies to public service pension schemes established under that Act which require a revaluation of pensionable earnings, or a proportion of such earnings accrued as a pension, by reference to a change in prices or earnings (or both) in a given period.
In relation to the period 1st April 2020 to 31st March 2021 inclusive, article 2 of this Order specifies an increase in prices of 0.5 per cent, based on a measure of the year on year change in the Consumer Prices Index to September 2020; and an increase in earnings of 2.4 per cent, based on a measure of the year on year change in average weekly earnings to September 2020.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.
(1)
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