Section 148 Orders

This is an index based on national average earnings.

Section 148 orders. Limited revaluation is based on the increase in the national average earnings index each year limited to 5 00 pa. Section 148 orders revalue the guaranteed minimum pension broadly in line with national average earnings. Public sector schemes also often use section 148 orders for revaluation.

Gmps can be revalued using section 148 orders full revaluation fixed rate revaluation or where the date of termination is before 6 april 1997 limited rate revaluation. Section 148 orders are published each year specifying the minimum increase based on national average earnings. A different rate of revaluation will therefore be applied for each complete tax year between leaving and gmp age 65 males 60 females.

The social security revaluation of earnings factors orders separate statutory rules are issued for northern ireland although the rate of revaluation is always the same as great britain england wales.