
2023 No. 266
Social Security
The Social Security Revaluation of Earnings Factors Order 2023
Made 6th March 2023
Laid before Parliament 8th March 2023
Coming into force 6th April 2023

In accordance with section 148(2) of the Social Security Administration Act 1992, the Secretary of State for Work and Pensions 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.
Citation, commencement and extent
1 

(1) This Order may be cited as the Social Security Revaluation of Earnings Factors Order 2023 and comes into force on 6th April 2023.
(2) This Order extends to England and Wales and Scotland.
Revaluation of earnings factors
2 
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 (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.
Rounding of fractional amounts
3 
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.
Signed by authority of the Secretary of State for Work and Pensions
Laura Trott
Parliamentary Under Secretary of State
Department for Work and Pensions
6th March 2023
SCHEDULE
Percentage increase of earnings factors for specified tax years
Article 2


Tax year Percentage increase
1978-1979 1029.5
1979-1980 897.0
1980-1981 732.9
1981-1982 597.6
1982-1983 533.6
1983-1984 488.3
1984-1985 444.7
1985-1986 411.0
1986-1987 369.2
1987-1988 336.9
1988-1989 301.9
1989-1990 262.7
1990-1991 238.1
1991-1992 207.0
1992-1993 188.3
1993-1994 174.6
1994-1995 166.3
1995-1996 155.1
1996-1997 148.1
1997-1998 136.3
1998-1999 125.9
1999-2000 116.8
2000-2001 104.0
2001-2002 96.1
2002-2003 88.0
2003-2004 81.5
2004-2005 74.9
2005-2006 68.0
2006-2007 62.5
2007-2008 56.1
2008-2009 49.8
2009-2010 45.3
2010-2011 43.5
2011-2012 40.3
2012-2013 37.8
2013-2014 35.4
2014-2015 34.2
2015-2016 32.2
2016-2017 29.6
2017-2018 26.3
2018-2019 22.7
2019-2020 19.3
2020-2021 14.7
2021-2022 11.8
2022-2023 7.0
 