The Social Security Revaluation of Earnings Factors Order 2024
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Change 1
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.
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.
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