The Social Security Revaluation of Earnings Factors Order 2024

• Citation: S.I. 2024/284
• Sections: 3

Section 1 Citation, commencement and extent

(1) This Order may be cited as the Social Security Revaluation of Earnings Factors Order 2024 and comes into force on 6th April 2024.

(2) This Order extends to England and Wales and Scotland.

Section 2 Revaluation of earnings factors

Earnings factors for the tax years specified in the Schedule to this Order in so far as they are relevant—

(a) to the calculation of—

(i) the additional pension in the rate of any long-term benefit; or

(ii) any guaranteed minimum pension ; or

(b) to any other calculation required under Part 3 of the Pension Schemes Act 1993 (schemes that were contracted-out etc. and effects on members’ state scheme rights) (including that Part as modified by or under any other enactment),

are directed to be increased by the percentage of their amount shown opposite those tax years in that Schedule.

Section 3 Rounding of fractional amounts

Where any earnings factor relevant to the calculation specified in article 2(a)(i), as increased in accordance with this Order, would not but for this article be expressed as a whole number of pounds, it is to be so expressed by rounding down any fraction of a pound less than one half and rounding up any other fraction of a pound.