The Public Service Pensions Revaluation Order 2022

Made: 2nd March 2022

Laid before the House of Commons: 7th March 2022

Coming into force: 1st April 2022

The Treasury make the following Order in exercise of the powers conferred by section 9(2) and (3) of the Public Service Pensions Act 2013[^f00001].

Citation and commencement

1

This Order may be cited as the Public Service Pensions Revaluation Order 2022 and comes into force on 1st April 2022.

Revaluation by reference to change in prices or earnings

2

For the purposes of section 9(2) of the Public Service Pensions Act 2013 (revaluation), in relation to the period beginning on 1st April 2021 and ending on 31st March 2022—

• (a) the change in prices is an increase of 3.1 per cent; and

• (b) the change in earnings is an increase of 4.1 per cent.

Signed

Rebecca Harris — Alan Mak — Two of the Lords Commissioners of Her Majesty’s Treasury — 2nd March 2022

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

Section 9 of the Public Service Pensions Act 2013 (c. 25) applies to pension schemes which, under that Act, require a revaluation of pensionable earnings, or a proportion of such earnings accrued as a pension, by reference to a change in prices or earnings (or both) in a given period.

In relation to the period 1st April 2021 to 31st March 2022 inclusive, article 2 of this Order specifies an increase in prices of 3.1 per cent, based on a measure of the year on year change in the Consumer Prices Index to September 2021; and an increase in earnings of 4.1 per cent, based on a measure of the year on year change in average weekly earnings to September 2021.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.

Footnotes

[^f00001]: 2013 c. 25.