Occupational Pensions (Revaluation) Order (Northern Ireland) 1995

Link to law: http://www.legislation.gov.uk/nisr/1995/435/made/data.htm?wrap=true
Published: 1995-11-23

Statutory Rules of Northern Ireland
1995 No. 435

PENSIONS
Occupational Pensions (Revaluation) Order (Northern Ireland) 1995

Made
23rd November 1995

Coming into operation
1st January 1996

Whereas the Secretary of State for Social Security has made an Order(1) under paragraph 2(l) 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) 1995 and shall come into operation on 1st January 1996.

(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(l) 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 appropriate percentage specified in column 2 of that Schedule.

Sealed with the Official Seal of the Department of Health and Social Services for Northern Ireland on

L.S.
W. G. Purdy
Assistant Secretary
23rd November 1995.

Article 2
SCHEDULE

Column 1
Column 2

Revaluation Period
Revaluation Percentage

1st January 1986-31st December 1995
58.0%

1st January 1987-31st December 1995
53.2%

1st January 1988-31st December 1995
47.0%

1st January 1989-31st December 1995
39.1%

1st January 1990-31st December 1995
29.3%

1st January 1991-31st December 1995
16.6%

1st January 1992-31st December 1995
12.0%

1st January 1993-31st December 1995
8.1%

1st January 1994-31st December 1995
6.2%

1st January 1995-31st December 1995
3.9%

(all dates inclusive)

Explanatory Note

(This note is not part of the Order.)
This Order, which corresponds to an Order (S.I. 1995/3021) made by the Secretary of State for Social Security under paragraph 2(l) 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. 1995/3021

(2)
1993 c. 48

(3)
1993 c. 49

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