On Nov. 24, UK GVT issued rules on individual’s preserved pension.
UK GVT issued occupational pensions (revaluation) order 2020, StIn 2020/1332.
Purpose
Sets out minimum level of revaluation for pension rights, excluding guaranteed minimum pensions, of people who were early leavers from final salary occupational pension schemes, on or after Jan. 1, 1986, where accrued rights were left in scheme.
Amendments
Pension schemes act 1993 (PSA 1993 (UK) S. 84) requires pensions, benefits under occupational pension schemes to be revalued by final salary method, under Sch 3.
For purposes of that revaluation, the order specified necessary revaluation percentages for revaluation on/after, Jan. 1, 2021 of benefits under occupational pension schemes.
Lower revaluation percentage for revaluation periods pre-Jan. 1, 2009 is not needed.
This order amended an existing regulatory regime by a pre-determined formula.
Effectiveness
This order enters into force on Jan. 1, 2021.
Nov. 2021 New Revaluation Order
On Nov. 25, 2021, UK GVT issued Occupational Pensions (Revaluation) Order 2021 StIn 2021/1308) which sets out revaluation percentages applicable to such pensions.
The order amends an existing regulatory regime by a pre-determined formula, and the administrative impact of its implementation is therefore considered to be negligible.
The new 2021 order will now enter into force on Jan. 1, 2022.
Nov. 2022 New Revaluation Order
On Nov. 25, 2022, UK GVT issued Occupational pensions (revaluation) order 2022 (StIn 2022/1229) setting out evaluation percentages; and in force from Jan. 1, 2023.
Nov. 2023 New Revaluation Order
On Nov. 27, 2023, UK GVT issued Occupational pensions (revaluation) order 2023 (StIn 2023/1265) setting out evaluation percentages; and in force from Jan. 1, 2024.
Nov. 2024 New Revaluation Order
On Nov. 20, 2024, UK GVT issued Occupational pensions (revaluation) order 2024 (StIn 2024/1174) setting out evaluation percentages; and in force from Jan. 1, 2025.
