Below is the text of Mr Major’s written Parliamentary Answer on Occupational Pensions on 19th December 1986.
Mr. Ashby Asked the Secretary of State for Social Services when the revaluation provisions relating to the deferred pensions of early leavers from occupational pension schemes will take effect.
Mr. Major The revaluation provisions contained in the Social Security Act, 1985 apply to early leavers after 1 January 1986 with at least a year to go before the normal scheme pension age.
An order laid on 9 December (S.I. 1986, No. 2070) specified that for pensions which are subject to revaluation and which come into payment in the year beginning I January 1987, the revaluation percentage shall be 3 per cent. This is in line with the rise in prices in Great Britain in the year ended 30 September 1986.