The State Pension Debits and Credits (Revaluation) (No. 2) Order (Northern Ireland) 2017

Explanatory note

Reproduced verbatim from the instrument as published on legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). The note is prepared by the responsible government department and is not part of the instrument itself.

This Order corresponds to an Order ( S.I. 2017/1152 ) made by the Secretary of State for Work and Pensions under section 148AD(2) and (3) of the Social Security Administration Act 1992 (c. 5) .

Article 2 of this Order revalues debits and credits under Article 46A(2) of the Welfare Reform and Pensions (Northern Ireland) Order 1999 ( S.I. 1999/3147 (N.I. 11) ) in accordance with the increase in the general level of prices.

Under paragraph 3 of each of Schedules 8 and 10 to the Pensions Act (Northern Ireland) 2015 (“the 2015 Act”) debits to which a person is subject (under section 14 of the 2015 Act) and credits to which a person is entitled (under section 13 of the 2015 Act) are revalued by the percentage specified by the last order under section 130AD of the Social Security Administration (Northern Ireland) Act 1992 (c. 8) to come into operation before the person reached pensionable age. Pensionable age has the meaning given by the rules in paragraph 1 of Schedule 2 to the Pensions (Northern Ireland) Order 1995 ( S.I. 1995/3213 (N.I. 22) ).

Article 1(1) ensures that the revaluing percentage applies to debits and credits applicable to all persons reaching pensionable age on or after 10th April 2018, whether or not they make an advance claim to a state pension. Article 1(1)(a) brings this Order into operation on 19th December 2017 for the purpose of making an advance award of a state pension under regulation 15(1) of the Social Security (Claims and Payments) Regulations (Northern Ireland) 1987 in respect of persons who reach pensionable age on or after 10th April 2018. Article 1(1)(b) brings this Order into operation for all other purposes on 9th April 2018.