Statutory Instrument 1992 No. 1102

The Social Security Revaluation of Earnings Factors Order 1992

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© Crown Copyright 1992

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1992 No. 1102

SOCIAL SECURITY

The Social Security Revaluation of Earnings Factors Order 1992

The Secretary of State for Social Security, in exercise of the powers conferred by section 21(3) of the Social Security Pensions Act 1975^[1] and of all other powers enabling him in that behalf, having on a review under the said section 21 concluded, having had regard to earlier orders under that section^[2], that earnings factors^[3] for the relevant previous tax years have not, during the period taken into account for that review, maintained their value in relation to the general level of earnings obtaining in Great Britain, hereby makes the following Order:

Citation and commencement
    1.    This Order may be cited as the Social Security Revaluation of Earnings Factors Order 1992 and shall come into force on 2nd June 1992.

Revaluation of earnings factors
    2.    The earnings factors relevant—
 (a) to the calculation—
 (i) of the additional pension^[4] 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 Social Security Pensions Act 1975 (including that Part as modified by or under any other enactment),
are directed to be increased for the tax years specified in the Schedule to this Order 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 Social Security.

Ann Widdecombe

Parliamentary Under-Secretary of State, Department of Social Security

5th May 1992

[1] 1975 c. 60; section 21 was amended by the Social Security Act 1979 (c. 18), section 10, the Social Security Act 1980 (c. 30), section 3(3) and Schedule 5, the Social Security Act 1985 (c. 53), Schedule 3, paragraphs 1 and 7 and the Social Security Act 1986 (c. 50), section 18(1). back

[2] 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. back

[3] See section 13(5) and section 13(5ZA) of the Social Security Act 1975 (c. 14). Section 13(5) was amended by the Social Security Act 1979 (c. 18), Schedule 3, paragraph 5, the Social Security Act 1986 (c. 50), Schedule 8, paragraph 2, the Social Security Act 1988 (c. 7), Schedule 2, paragraph 1, which also inserted section 13(5ZA), and the Social Security Act 1989 (c. 24), section 4(2). back

[4] See section 18(1) of the Social Security Act 1986 (c. 50). back

Explanatory Note