The State Pension Debits and Credits (Revaluation) Order 2024
The State Pension Debits and Credits (Revaluation) Order 2024 is a new piece of legislation that was introduced in the UK on 25 November 2024. The Order amends the State Pension Debits and Credits Regulations 2014, which set out the rules for how state pension credits and debits are revalued each year.
The main change introduced by the Order is to increase the rate at which state pension credits and debits are revalued. The previous rate of revaluation was 2.5%, but this has now been increased to 3.5%. This means that state pension credits and debits will now increase in value by 3.5% each year, rather than 2.5%.
The Order also makes some minor changes to the way in which state pension credits and debits are calculated. One change is to adjust the way in which earnings are taken into account when calculating state pension credits. This change is intended to ensure that the state pension system is fairer for people who have taken time out of work to care for children or other dependants.
Another change is to introduce a new provision that allows for the revaluation of state pension credits and debits to be suspended in certain circumstances. This provision is intended to protect the state pension system from becoming unsustainable in the event of a major economic downturn.
The Order came into force on 6 April 2025. It is expected to have a significant impact on the state pension system, as it will increase the value of state pension credits and debits by 3.5% each year. This will make it easier for people to build up a larger state pension, and it will also make state pensions more valuable in retirement.
In addition to the changes introduced by the Order, the government is also considering a number of other reforms to the state pension system. These reforms are intended to make the system fairer and more sustainable in the long term.
The State Pension Debits and Credits (Revaluation) Order 2024
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
UK New Legislation a new article on 2024-11-25 11:37 titled “The State Pension Debits and Credits (Revaluation) Order 2024”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
89