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The Occupational Pensions (Revaluation) Order (Northern Ireland) 2009

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Statutory Rules of Northern Ireland

2009 No. 408

Pensions

The Occupational Pensions (Revaluation) Order (Northern Ireland) 2009

Made

11th December 2009

Coming into operation

1st January 2010

This Order is made in exercise of the powers conferred by paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993(1) and now vested in the Department for Social Development(2).

The Secretary of State for Work and Pensions has made an Order(3) under paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993(4).

Accordingly the Department for Social Development makes the following Order:

Citation, commencement and interpretation

1.—(1) This Order may be cited as the Occupational Pensions (Revaluation) Order (Northern Ireland) 2009 and shall come into operation on 1st January 2010.

(2) The Interpretation Act (Northern Ireland) 1954(5) shall apply to this Order as it applies to an Act of the Assembly.

The higher and lower revaluation percentages for each revaluation period

2.  For the purposes of paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993, for each revaluation period specified in column 1 of the Schedule, the higher revaluation percentage is the percentage specified in column 2, and the lower revaluation percentage is the percentage specified in column 3, in relation to that period.

Sealed with the Official Seal of the Department for Social Development on 11th December 2009

(L.S.)

Anne McCleary

A senior officer of the Department for Social Development

Article 2

SCHEDULE

Column 1Column 2Column 3
Revaluation periodHigher revaluation percentageLower revaluation percentage
1st January 1986 – 31st December 2009125∙9%–
1st January 1987 – 31st December 2009119∙1%–
1st January 1988 – 31st December 2009110∙3%–
1st January 1989 – 31st December 200999∙0%–
1st January 1990 – 31st December 200984∙9%–
1st January 1991 – 31st December 200966∙7%–
1st January 1992 – 31st December 200960∙2%–
1st January 1993 – 31st December 200954∙6%–
1st January 1994 – 31st December 200951∙9%–
1st January 1995 – 31st December 200948∙6%–
1st January 1996 – 31st December 200943∙0%–
1st January 1997 – 31st December 200940∙1%–
1st January 1998 – 31st December 200935∙2%–
1st January 1999 – 31st December 200931∙0%–
1st January 2000 – 31st December 200929∙6%–
1st January 2001 – 31st December 200925∙5%–
1st January 2002 – 31st December 200923∙4%–
1st January 2003 – 31st December 200921∙3%–
1st January 2004 – 31st December 200918∙0%–
1st January 2005 – 31st December 200914∙4%–
1st January 2006 – 31st December 200911∙4%–
1st January 2007 – 31st December 20097∙6%–
1st January 2008 – 31st December 20093∙5%–
1st January 2009 – 31st December 20090∙0%0∙0%
(all dates inclusive)

EXPLANATORY NOTE

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2009/3267) made by the Secretary of State for Work and Pensions under paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993, 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. The lower revaluation percentage introduced by the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)) does not apply to pensionable service before 6th April 2009.

(1)

1993 c. 49; Schedule 2 was amended by paragraphs 1 to 3 of Schedule 1 to the Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13 (N.I.)); see also section 80 as amended by Part III of Schedule 5 to the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)), Article 258 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255(N.I. 1)) and paragraph 13 of the Schedule to S.R. 2005 No. 434

(2)

See Article 8(b) of S.R. 1999 No. 481

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