The Occupational Pensions (Revaluation) Order 1998

Link to law: http://www.legislation.gov.uk/uksi/1998/2921/made/data.htm?wrap=true
Published: 1998-11-25

Statutory Instruments
1998 No. 2921

PENSIONS
The Occupational Pensions (Revaluation) Order 1998

Made
25th November 1998

Laid before Parliament
2nd December 1998

Coming into force
1st January 1999

The Secretary of State for Social Security, in exercise of the powers conferred by paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993(1), hereby makes the following Order:–

Citation and commencement

1.—(1) This Order may be cited as the Occupational Pensions (Revaluation) Order 1998.

(2) This Order shall come into force on 1st January 1999.

The revaluation percentage for each revaluation period

2.  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 1
Column 2

Revaluation period
Revaluation percentage

1st January 1986–31st December 1998
72.4%

1st January 1987–31st December 1998
67.3%

1st January 1988–31st December 1998
60.5%

1st January 1989–31st December 1998
51.9%

1st January 1990–31st December 1998
41.1%

1st January 1991–31st December 1998
27.3%

1st January 1992–31st December 1998
22.2%

1st January 1993–31st December 1998
18.0%

1st January 1994–31st December 1998
15.9%

1st January 1995–31st December 1998
13.4%

1st January 1996–31st December 1998
9.2%

1st January 1997–31st December 1998
6.9%

1st January 1998–31st December 1998
3.2%

Signed by authority of the Secretary of State for Social Security.

John Y. Denham
Minister of State,
Department of Social Security
25th November 1998

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, in the revaluation year beginning on 1st January 1998. The revaluation percentages specified are relevant to the revaluation of benefits under occupational pension schemes, as required by section 84 of, and Schedule 3 to, that Act.
This Order does not impose any costs on business.

(1)
1993 c. 48.
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