uksi/2021/1308 — The Occupational Pensions (Revaluation) Order 2021

2021 No. 1308 Pensions The Occupational Pensions (Revaluation) Order 2021 Made 23rd November 2021 Laid before Parliament 25th November 2021 Coming into force 1st January 2022 The Secretary of State makes the following Order in exercise of the power conferred by paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993 . Citation, commencement and extent 1 1 This Order may be cited as the Occupational Pensions (Revaluation) Order 2021 and comes into force on 1st January 2022. 2 This Order extends to England and Wales and Scotland. The higher and lower revaluation percentages for each revaluation period 2 For the purposes of paragraph 1 of Schedule 3 to the Pension Schemes Act 1993 (methods of revaluing accrued pension benefits: the final salary method), for each revaluation period specified in an entry in column 1 of the table below— a the higher revaluation percentage is the percentage specified in the corresponding entry in column 2 of that table; and b the lower revaluation percentage , if any, is the percentage specified in the corresponding entry in column 3 of that table. Column 1 Revaluation period Column 2 Higher revaluation percentage Column 3 Lower revaluation percentage 1st January 1986 - 31st December 2021 191.9% - 1st January 1987 - 31st December 2021 183.1% - 1st January 1988 - 31st December 2021 171.7% - 1st January 1989 - 31st December 2021 157.1% - 1st January 1990 - 31st December 2021 138.9% - 1st January 1991 - 31st December 2021 115.4% - 1st January 1992 - 31st December 2021 106.9% - 1st January 1993 - 31st December 2021 99.7% - 1st January 1994 - 31st December 2021 96.2% - 1st January 1995 - 31st December 2021 92.0% - 1st January 1996 - 31st December 2021 84.8% - 1st January 1997 - 31st December 2021 81.0% - 1st January 1998 - 31st December 2021 74.7% - 1st January 1999 - 31st December 2021 69.3% - 1st January 2000 - 31st December 2021 67.4% - 1st January 2001 - 31st December 2021 62.1% - 1st January 2002 - 31st December 2021 59.4% - 1st January 2003 - 31st December 2021 56.7% - 1st January 2004 - 31st December 2021 52.4% - 1st January 2005 - 31st December 2021 47.9% - 1st January 2006 - 31st December 2021 44.0% - 1st January 2007 - 31st December 2021 39.0% - 1st January 2008 - 31st December 2021 33.8% - 1st January 2009 - 31st December 2021 27.4% 27.4% 1st January 2010 - 31st December 2021 29.2% 29.2% 1st January 2011 - 31st December 2021 25.3% 25.3% 1st January 2012 - 31st December 2021 19.1% 19.1% 1st January 2013 - 31st December 2021 16.6% 16.6% 1st January 2014 - 31st December 2021 13.5% 13.5% 1st January 2015 - 31st December 2021 12.1% 12.1% 1st January 2016 - 31st December 2021 12.3% 12.3% 1st January 2017 - 31st December 2021 11.1% 11.1% 1st January 2018 - 31st December 2021 7.9% 7.9% 1st January 2019 - 31st December 2021 5.4% 5.4% 1st January 2020 - 31st December 2021 3.6% 3.6% 1st January 2021 - 31st December 2021 3.1% 2.5% Signed by authority of the Secretary of State for Work and Pensions Guy Opperman Parliamentary Under Secretary of State Department for Work and Pensions 23rd November 2021 EXPLANATORY NOTE (This note is not part of the Order) Section 84 of the Pension Schemes Act 1993 (c. 48) requires certain pensions and other benefits under occupational pension schemes to be revalued by the final salary method (which is dealt with in Schedule 3 to that Act). For the purpose of the revaluation of benefits payable to or in respect of persons who attain their scheme’s normal pension age in 2022, and as required by paragraph 2 of Schedule 3 to that Act, this Order specifies the necessary revaluation percentages for each of the revaluation periods between 1st January 1986 and 31st December 2021. It is not necessary to specify a lower revaluation percentage for revaluation periods which start before 1st January 2009. This Order amends an existing regulatory regime by a pre-determined formula, and the administrative impact of its implementation is negligible. A full impact assessment has not been produced for this Order as no, or no significant, impact on the private, voluntary or public sector is foreseen.