keep Percentage increase of the amounts of relevant debits or credits for the specified tax years
The State Pension Debits and Credits (Revaluation) Order 2022 adjusts the value of pension sharing debits and credits for inflation by specifying percentage increases for each tax year. It applies to England, Wales, and Scotland, and governs how pension assets are revalued when split upon divorce or dissolution of civil partnership under the Pensions Act 2014.
Without this revaluation mechanism, pension sharing debits and credits would erode in real value over time due to inflation. This would systematically harm divorced individuals receiving a share of a former spouse's pension, as the amounts they ultimately receive would be worth far less than intended when the sharing order was made. The regulation is a necessary technical indexation mechanism that preserves the original policy intent of the Pensions Act 2014's sharing provisions. Deletion would create genuine harm to individuals relying on pension sharing arrangements while serving no identifiable economic benefit.