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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Social Security Revaluation of Earnings Factors Order 2006 No. 496 URL: http://www.bailii.org/uk/legis/num_reg/2006/20060496.html

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(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[6] (including that Part as modified by or under any other enactment),

are directed to be increased for those tax years 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 Work and Pensions.


Stephen C. Timms
Minister of State, Department for Work and Pensions

27th February 2006

[2] Section 148(3) and (4) of the Social Security Administration Act 1992 consolidated 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, 1996/1133, 1997/1117, 1998/1137, 1999/1235, 2000/1365, 2001/631, 2002/519, 2003/517, 2004/262 and 2005/216. See also section 148(7)(b) 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.back

[3] See sections 22 and 23 of the Social Security Contributions and Benefits Act 1992 (c.4). Section 22 was amended by paragraph 22 of Schedule 2 to the Jobseekers Act 1995 (c.18), paragraph 61 of Schedule 7 to the Social Security Act 1998, section 30(1) of the Child Support, Pensions and Social Security Act 2000 and paragraph 7 of Schedule 1 to the National Insurance Contributions Act 2002 (c.19) subject to section 8(2) of that Act. Section 23 was amended by paragraph 36 of Schedule 8 to the Pension Schemes Act 1993 (c.48), section 134(1) of the Pensions Act 1995 (c.26) and paragraph 8 of Schedule 1 to the National Insurance Contributions Act 2002 subject to section 8(2) of that Act. See also sections 45B(6), 55A(5) and 55B(6) of the Social Security Contributions and Benefits Act 1992, inserted by paragraphs 2 and 3 of Schedule 6 to the Welfare Reform and Pensions Act 1999 (c.30), under which state scheme pension debits and credits are to be increased by reference to percentage figures specified in orders under section 148 of the Social Security Administration Act 1992.back

[4] Section 189(1), (4) and (5) was amended by Schedule 8 to the Social Security Act 1998 (c.14). Section 189(1) was amended by paragraph 57(2) of Schedule 3 to the Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c.2).back

[5] Earnings factors for any tax year after 1996-97 are not relevant to the calculation of any guaranteed minimum; see section 14(8) of the Pension Schemes Act 1993 as amended by paragraph 27(b) of Schedule 5 to the Pensions Act 1995.back

[6] 1993 c.48.back

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