Section 84 of the Pension Schemes Act 1993 (c. 48) requires pensions and other benefits under occupational pension schemes to be revalued by the final salary method (which is dealt with in Schedule 3 to that Act). For the purposes of that revaluation, and as required by paragraph 2 of Schedule 3 to that Act, this Order specifies the necessary revaluation percentages for the purpose of the revaluation on, or after, 1st January 2020 of benefits under occupational pension schemes. It is not necessary to specify a lower revaluation percentage for revaluation periods which start before 1st January 2009.
Link: The Occupational Pensions (Revaluation) Order 2019
Source: Legislation .gov.uk
