The Social Security Revaluation of Earnings Factors Order 1997
STATUTORY INSTRUMENTS 1997 No. 1117
The Secretary of State for Social Security, in exercise of the powers conferred on him by section 148(3) and (4) of the Social Security Administration Act 1992[1] and of all other powers enabling him in that behalf, having on a review under the said section 148 concluded, having had regard to earlier orders under that section[2], that earnings factors[3] for the relevant previous tax years have not, during the period taken into account for that review, maintained their value in relation to the general level of earnings obtaining in Great Britain, hereby makes the following Order: Citation and commencement 1 . This Order may be cited as the Social Security Revaluation of Earnings Factors Order 1997 and shall come into force on 25th April 1997. Revaluation of earnings factors 2 . The earnings factors relevant�
(ii) of any guaranteed minimum pension; or (b) to any other calculation required under Part III of the Pension
Schemes Act 1993[4] (including
that Part as modified by or under any other enactment), are directed to be increased for the tax years specified in the
Schedule to this Order by the percentage of their amount shown opposite
those tax years in that Schedule.
(This note is not part of the Order) This Order is made consequent upon a review under section 148 of the Social Security Administration Act 1992. The Order directs that the earnings factors relevant to the calculation of the additional pension in the rate of any long-term benefit or of any guaranteed minimum pension or to any other calculation required under Part III of the Pension Schemes Act 1993 for the tax years specified in the Schedule to the Order are to be increased by the percentage of their amount specified in that Schedule. The percentage for the tax year 1996-97 is 5 per cent. and those for earlier tax years have been increased so that the earnings factors for those years are revalued at 1996-97 earnings levels. The Order also provides for the rounding of fractional amounts for earnings factors relevant to the calculation of the additional pension in the rate of any long-term benefit. Rounding for the purpose of the calculation of any guaranteed minimum pension is not required by virtue of section 23(2) of the Social Security Contributions and Benefits Act 1992. This Order does not impose any costs on business. Notes: [1] 1992 c.5 back [2] Section 148(3) and (4) of the Social Security
Administration Act 1992 consolidates section 21(3) of the Social Security
Pensions Act 1975 (c.60). The earlier orders are: S.I. 1979/832, 1980/728,
1981/598, 1982/607, 1983/655, 1984/581, 1985/688, 1986/809, 1987/861,
1988/867, 1989/805, 1990/1412, 1991/1108, 1992/1102, 1993/1159, 1994/1105,
1995/1070, 1996/1133. [3]
ISBN 0 11 064397 6
|