Statutory Instruments
2022 No. 1229
Pensions
The Occupational Pensions (Revaluation) Order 2022
Made
23rd November 2022
Laid before Parliament
25th November 2022
Coming into force
1st January 2023
The Secretary of State for Work and Pensions makes the following Order in exercise of the power conferred by paragraph 2(1) of Schedule 3 to the Pension Schemes Act 1993( 1 ).
Citation, commencement and extent
1. —(1) This Order may be cited as the Occupational Pensions (Revaluation) Order 2022 and comes into force on 1st January 2023.
(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( 2 ) (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( 3 ) is the percentage specified in the corresponding entry in column 2 of that table; and
(b) the lower revaluation percentage( 4 ), 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 2022 | 221.4% | - |
| 1st January 1987 - 31st December 2022 | 211.7% | - |
| 1st January 1988 - 31st December 2022 | 199.2% | - |
| 1st January 1989 - 31st December 2022 | 183.0% | - |
| 1st January 1990 - 31st December 2022 | 163.0% | - |
| 1st January 1991 - 31st December 2022 | 137.2% | - |
| 1st January 1992 - 31st December 2022 | 127.8% | - |
| 1st January 1993 - 31st December 2022 | 119.9% | - |
| 1st January 1994 - 31st December 2022 | 116.0% | - |
| 1st January 1995 - 31st December 2022 | 111.4% | - |
| 1st January 1996 - 31st December 2022 | 103.4% | - |
| 1st January 1997 - 31st December 2022 | 99.3% | - |
| 1st January 1998 - 31st December 2022 | 92.3% | - |
| 1st January 1999 - 31st December 2022 | 86.4% | - |
| 1st January 2000 - 31st December 2022 | 84.3% | - |
| 1st January 2001 - 31st December 2022 | 78.5% | - |
| 1st January 2002 - 31st December 2022 | 75.5% | - |
| 1st January 2003 - 31st December 2022 | 72.5% | - |
| 1st January 2004 - 31st December 2022 | 67.8% | - |
| 1st January 2005 - 31st December 2022 | 62.8% | - |
| 1st January 2006 - 31st December 2022 | 58.5% | - |
| 1st January 2007 - 31st December 2022 | 53.0% | - |
| 1st January 2008 - 31st December 2022 | 47.3% | - |
| 1st January 2009 - 31st December 2022 | 40.3% | 40.3% |
| 1st January 2010 - 31st December 2022 | 42.2% | 37.9% |
| 1st January 2011 - 31st December 2022 | 38.0% | 34.5% |
| 1st January 2012 - 31st December 2022 | 31.1% | 31.1% |
| 1st January 2013 - 31st December 2022 | 28.3% | 28.0% |
| 1st January 2014 - 31st December 2022 | 25.0% | 24.9% |
| 1st January 2015 - 31st December 2022 | 23.5% | 21.8% |
| 1st January 2016 - 31st December 2022 | 23.6% | 18.9% |
| 1st January 2017 - 31st December 2022 | 22.4% | 16.0% |
| 1st January 2018 - 31st December 2022 | 18.8% | 13.1% |
| 1st January 2019 - 31st December 2022 | 16.0% | 10.4% |
| 1st January 2020 - 31st December 2022 | 14.1% | 7.7% |
| 1st January 2021 - 31st December 2022 | 10.3% | 5.1% |
| 1st January 2022 - 31st December 2022 | 5.0% | 2.5% |
Signed by authority of the Secretary of State for Work and Pensions
Laura Trott
Parliamentary Under Secretary of State
Department for Work and Pensions
23rd November 2022
1993 c. 48 ; paragraph 2(1) of Schedule 3 was amended by section 101 of, and paragraphs 1 and 3(1) and (2) of Schedule 2 to, the Pensions Act 2008 (c. 30) .
Paragraph 1(1) to (3A) of Schedule 3 was substituted by section 101 of, and paragraphs 1 and 2 of Schedule 2 to, the Pensions Act 2008. Paragraph 1(1E) of Schedule 3 was amended by paragraphs 18 and 26 of Schedule 4 to the Marriage (Same Sex Couples) Act 2013 (c. 30) and paragraph 11(1) and (9) of Schedule 5 to S.I. 2014/3229 . Paragraph 1(5) and (6) of Schedule 3 was inserted by section 19(4) and (5) of the Pensions Act 2011 (c. 19) .
Provision as to the higher revaluation percentage which the Secretary of State is to specify in relation to a revaluation period is made in paragraph 2(3) of Schedule 3 to the Pension Schemes Act 1993. Paragraph 2(3) of Schedule 3 was substituted by section 101 of, and paragraphs 1 and 3(1) and (3) of Schedule 2 to, the Pensions Act 2008.
Provision as to the lower revaluation percentage which the Secretary of State is to specify in relation to a revaluation period is made in paragraph 2(3A) of Schedule 3 to the Pension Schemes Act 1993. Paragraph 2(3A) of Schedule 3 was substituted by section 101 of, and paragraphs 1 and 3(1) and (3) of Schedule 2 to, the Pensions Act 2008.