| STATUTORY INSTRUMENTS |
| The Social Security Revaluation of Earnings Factors Order 2008 |
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Made
Laid before Parliament
Coming into force
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12th March 2008
14th March 2008
6th April 2008
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The Secretary of State for Work and Pensions has reviewed the general level of earnings obtaining in Great Britain as required by section 148 of the Social Security Administration Act 1992(1). |
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In accordance with that section, he has considered earlier orders made under it(2) and concluded that the earnings factors(3) for the relevant previous tax years have not maintained their value in relation to those earnings during the review period. |
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Accordingly, the Secretary of State, in exercise of the powers conferred upon him by sections 148(3) and (4) and 189(1), (4) and (5) of the Social Security Administration Act 1992(4) makes the following Order. |
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| 1- |
Citation and commencement |
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This Order may be cited as the Social Security Revaluation of Earnings Factors Order 2008 and shall come into force on 6th April 2008. |
| 2- |
Revaluation of earnings factors |
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The earnings factors for tax years specified in the Schedule to this Order in so far as they are relevant(5)— |
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(i) |
of the additional pension in the rate of any long-term benefit; or |
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(ii) |
of any guaranteed minimum pension; or |
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(b) |
to any other calculation required under Part III of the Pension Schemes Act 1993(6) (including that Part as modified by or under any other enactment), |
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are directed to be increased for those tax years by the percentage of their amount shown opposite those tax years in that Schedule. |
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| 3- |
Rounding of fractional amounts |
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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. |
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Signed by authority of the Secretary of State for Work and Pensions. |
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12th March 2008 |
Mike O’Brien
Minister of State,
Department for Work and Pensions
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| SCHEDULE |
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