1 Citation and commencement

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

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

NOTES
Initial Commencement
Specified date

Specified date: 1 January 2009: see para (2) above.

2 The revaluation percentage for each revaluation period

2The revaluation percentage for each revaluation period

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 1Column 2
Revaluation periodRevaluation percentage
1st January 1986–31st December 2008129.1%
1st January 1987–31st December 2008122.3%
1st January 1988–31st December 2008113.3%
1st January 1989–31st December 2008101.8%
1st January 1990–31st December 200887.5%
1st January 1991–31st December 200869.1%
1st January 1992–31st December 200862.4%
1st January 1993–31st December 200856.8%
1st January 1994–31st December 200854.0%
1st January 1995–31st December 200850.7%
1st January 1996–31st December 200845.1%
1st January 1997–31st December 200842.1%
1st January 1998–31st December 200837.1%
1st January 1999–31st December 200832.9%
1st January 2000–31st December 200831.4%
1st January 2001–31st December 200827.2%
1st January 2002–31st December 200825.1%
1st January 2003–31st December 200823.0%
1st January 2004–31st December 200819.7%
1st January 2005–31st December 200816.1%
1st January 2006–31st December 200813.0%
1st January 2007–31st December 20089.1%
1st January 2008–31st December 20085.0%
NOTES
Initial Commencement
Specified date

Specified date: 1 January 2009: see art 1(2).

Signature

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

William D McKenzie

Parliamentary Under-Secretary of State,

Department for Work and Pensions

27th November 2008

EXPLANATORY NOTE

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.