The Occupational Pensions (Revaluation) Order (Northern Ireland) 1998

Link to law: http://www.legislation.gov.uk/nisr/1998/420/made/data.htm?wrap=true
Published: 1998-11-27

Statutory Rules of Northern Ireland
1998 No. 420

PENSIONS
The Occupational Pensions (Revaluation) Order (Northern Ireland) 1998

Made
27th November 1998

Coming into operation
1st January 1999

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

Now, therefore, the Department of Health and Social Services for Northern Ireland, in exercise of the powers conferred on it by paragraph 2(1) of Schedule 2 to the Pension Schemes (Northern Ireland) Act 1993(3) 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) 1998 and shall come into operation on 1st January 1999.

(2) The Interpretation Act (Northern Ireland) 1954(4) shall apply to this Order as it applies to a Measure 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 of Health and Social Services for Northern Ireland on

L.S.
John O'Neill
Assistant Secretary
27th November 1998.

Article 2
SCHEDULE

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%

(all dates inclusive)

Explanatory Note

(This note is not part of the Order.)
This Order which corresponds to an Order (S.I. 1998/2921) made by the Secretary of State for Social Security 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. 1998/2921

(2)
1993 c. 48

(3)
1993 c. 49

(4)
1954 c. 33 (N.I.)
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