keep The Occupational Pensions (Revaluation) Order 2000
The Occupational Pensions (Revaluation) Order 2000 establishes statutory revaluation percentages for occupational pensions under the Pension Schemes Act 1993. It specifies the percentage rate by which pension benefits must be revalued during each revaluation period to preserve their purchasing power. It came into force on 1 January 2001.
Without statutory revaluation requirements, workers' pension benefits would erode in real terms due to inflation, leaving retirees significantly worse off. While government-mandated rates are imperfect, they serve a genuine protective function for pension savers. The alternative — purely contractual revaluation — would predictably lead to many employers undervaluing or neglecting revaluation, exploiting information asymmetries between employers and employees. Deleting this would harm ordinary Britons' retirement security with no corresponding economic benefit.