The annual Social Security Revaluation of Earnings Factors Order for 2003 (SI 2003/517) was laid before Parliament this week. Made under s.148 of the Social Security Administration Act 1992, the Order specifies the percentages by which band earnings are revalued, in line with the National Average Earnings Index, in order to calculate any accrued SERPS or GMP benefits. They are also relevant for revaluing state scheme pension credits and debits. The percentage for tax year 2002/03 is, as we predicted, 3.6%. The full Schedule of rates applicable to earners leaving contracted-out employment in 2003/04 (by authority of s. 16 of the Pension Schemes Act (PSA) 1993) is as follows.