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In force since 2024-04-06, as the publisher states.
Copy read on 2026-11-10. The page it was read from
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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5 provisions
Title and introductory text
2024 No. 284
SOCIAL SECURITY
The Social Security Revaluation of Earnings Factors Order 2024
Made
4th March 2024
Laid before Parliament
6th March 2024
Coming into force
6th April 2024
In accordance with section 148(2) of the Social Security Administration Act 1992, the Secretary of State has reviewed the general level of earnings obtaining in Great Britain.
The Secretary of State has concluded, having regard to earlier orders made under section 148 of that Act, that earnings factors for the relevant tax years have not, during the period taken into account for that review, maintained their value in relation to the general level of earnings.
Accordingly, the Secretary of State makes this Order in exercise of the powers conferred by sections 148(3) and (4) and 189(4) and (5) of the Social Security Administration Act 1992.
Propose a change1 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.
Propose a change2 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.
Propose a change3 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.
Propose a changeSchedule Percentage increase of earnings factors for specified tax years
Article 2
Tax year | Percentage increase
1978-1979 | 1115.4
1979-1980 | 972.7
1980-1981 | 796.2
1981-1982 | 650.6
1982-1983 | 581.7
1983-1984 | 533.0
1984-1985 | 486.1
1985-1986 | 449.8
1986-1987 | 404.9
1987-1988 | 370.1
1988-1989 | 332.5
1989-1990 | 290.3
1990-1991 | 263.8
1991-1992 | 230.4
1992-1993 | 210.2
1993-1994 | 195.4
1994-1995 | 186.6
1995-1996 | 174.5
1996-1997 | 167.0
1997-1998 | 154.3
1998-1999 | 143.1
1999-2000 | 133.3
2000-2001 | 119.5
2001-2002 | 111.0
2002-2003 | 102.3
2003-2004 | 95.3
2004-2005 | 88.2
2005-2006 | 80.7
2006-2007 | 74.8
2007-2008 | 67.9
2008-2009 | 61.2
2009-2010 | 56.3
2010-2011 | 54.5
2011-2012 | 51.0
2012-2013 | 48.3
2013-2014 | 45.7
2014-2015 | 44.4
2015-2016 | 42.3
2016-2017 | 39.5
2017-2018 | 35.9
2018-2019 | 32.0
2019-2020 | 28.4
2020-2021 | 23.4
2021-2022 | 20.3
2022-2023 | 15.1
2023-2024 | 7.6
Propose a change