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Statutory Instrument 1996 No. 1133

The Social Security Revaluation of Earnings Factors Order 1996

(The document as of February, 2008. Arhiv.Online Library)

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STATUTORY INSTRUMENTS

1996 No. 1133

SOCIAL SECURITY

The Social Security Revaluation of Earnings Factors Order 1996

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Made18th April 1996
Laid before Parliament25th April 1996
Coming into force17th May 1996

    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 1996 and shall come into force on 17th May 1996.
    Revaluation of earnings factors
        2.    The earnings factors relevant—
       (a) to the calculation—
         (i) of the additional pension in the rate of any long-term benefit; or
         (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.
    Rounding of fractional amounts
        3.    Where any earnings factor relevant to the calculation specified in article 2(a)(i) of this Order, as increased in accordance with this Order, would not but for this article be expressed as a whole number of pounds, it shall be so expressed by the rounding down of any fraction of a pound less than one half and the rounding up of any other fraction of a pound.


Signed by authority of the Secretary of State for Social Security.

Oliver Heald

Parliamentary Under-Secretary of State, Department of Social Security

18th April 1996





Notes:

[1] 1992 c. 5.

[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. See also section 148(7) of the Social Security Administration Act 1992 which provides that orders under section 21 of the Social Security Pensions Act 1975 are to be treated as orders under section 148.

[3] See sections 22 and 23 of the Social Security Contributions and Benefits Act 1992 (c. 4).

[4] 1993 c. 48.

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