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The Occupational Pensions (Revaluation) Order (Northern Ireland) 2003

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Statutory Rules of Northern Ireland

2003 No. 487

PENSIONS

The Occupational Pensions (Revaluation) Order (Northern Ireland) 2003

Made

25th November 2003

Coming into operation

1st January 2004

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

Now, therefore, the Department for Social Development, in exercise of the powers conferred by paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993(3), and now vested in it(4), and of all other powers enabling it in that behalf, hereby makes the following Order:

Citation, commencement and interpretation

1.—(1) This Order may be cited as the Occupational Pensions (Revaluation) Order (Northern Ireland) 2003 and shall come into operation on 1st January 2004.

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

Revaluation percentage for each revaluation period

2.  For the purposes of paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993, the revaluation percentage for each revaluation period specified in column 1 of the Schedule is the percentage specified opposite thereto in column 2.

Sealed with the Official Seal of the Department for Social Development on 25th November 2003.

L.S.

John O'Neill

Senior Officer of the

Department for Social Development

Article 2

SCHEDULE

Column 1Column 2
Revaluation PeriodRevaluation Percentage
1st January 1986-31st December 200391.5%
1st January 1987-31st December 200385.7%
1st January 1988-31st December 200378.2%
1st January 1989-31st December 200368.6%
1st January 1990-31st December 200356.7%
1st January 1991-31st December 200341.3%
1st January 1992-31st December 200335.7%
1st January 1993-31st December 200331.0%
1st January 1994-31st December 200328.7%
1st January 1995-31st December 200325.9%
1st January 1996-31st December 200321.2%
1st January 1997-31st December 200318.7%
1st January 1998-31st December 200314.6%
1st January 1999-31st December 200311.0%
1st January 2000-31st December 20039.8%
1st January 2001-31st December 20036.3%
1st January 2002-31st December 20034.5%
1st January 2003-31st December 20032.8%
(all dates inclusive)

Explanatory Note

(This note is not part of the Order.)

This Order, which corresponds to an Order (S.I. 2003/3002) 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.

(1)

S.I. 2003/3002

(4)

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

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