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The Guaranteed Minimum Pensions Increase Order 2005

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2005, ISBN 0110517539

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Order laid before Parliament under section 109(2) of the Pension Schemes Act 1993, for approval by resolution of each House of Parliament.

PENSIONS

Made 2005

Coming into force 6th April 2005

Whereas the Secretary of State has reviewed the general level of prices obtaining in Great Britain for the period of 12 months commencing on 1st October 2003;

And whereas it appears to him that the general level of prices was greater by 3.1 per cent. at the end of that period than it was at the beginning of that period;

And whereas a draft of the following Order was laid before Parliament and approved by a resolution of each House;

Now, therefore, the Secretary of State for Work and Pensions, in exercise of the power conferred upon him by section 109(4) of the Pension Schemes Act 1993f1, makes the following Order:

Annotations to the whole text

Footnotes

f1

1993 c. 48 (“the 1993 Act”).

Contents

  1. 1Citation and commencement
  2. 2Increase of guaranteed minimum pensions
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Guaranteed Minimum Pensions Increase Order 2005 and shall come into force on 6th April 2005.

2Increase of guaranteed minimum pensions

For the purposes of section 109(2) and (3) of the Pension Schemes Act 1993f1 the percentage by which there is to be an increase in the rate of that part of any guaranteed minimum pension which is attributable to earnings factors for the tax years in the relevant periodf2 shall be 3 per cent.

Signature

Signed by authority of the Secretary of State for Work and Pensions

Minister of State,

Department for Work and Pensions

2005

Explanatory note

(This note is not part of the Order)

This Order, a draft of which has been laid before and approved by a resolution of each House of Parliament, is made in consequence of a review under section 109(1) of the Pension Schemes Act 1993. It specifies 3 per cent. as the percentage by which that part of any guaranteed minimum pension attributable to earnings factors for the tax years 1988-89 to 1996-97 and payable by contracted-out, defined benefit occupational pension schemes is to be increased. Under section 109(3) of that Act the percentage to be specified is the actual percentage increase in the general level of prices in the period under review or 3 per cent., whichever is less.

A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.