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The Guaranteed Minimum Pensions Increase Order 2015

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

Draft 2015, ISBN 9780111127049

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 2015

Coming into force 6th April 2015

The Secretary of State has reviewed the general level of prices in Great Britain for the period of 12 months commencing on 1st October 2013 as required by section 109(1) of the Pension Schemes Act 1993f1, and it appears to the Secretary of State that the general level of prices was greater by 1.2 per cent. at the end of that period than it was at the beginning of that period.

A draft of the following Order was laid before Parliament in accordance with section 109(2) of that Actf2 and approved by a resolution of each House.

Accordingly, the Secretary of State for Work and Pensions, in exercise of the power conferred by section 109(4) of that Act, makes the following Order.

Annotations to the whole text

Footnotes

f1

1993 c.48.

f2

Section 109(2) was amended by section 55(a) of the Pensions Act 1995 (c.26) and paragraph 22 of Schedule 1 to S.I. 2005/2050.

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 2015 and comes into force on 6th April 2015.

2Increase of guaranteed minimum pensions

For the purposes of section 109(2) and (3) of the Pension Schemes Act 1993, 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 periodf1 shall be 1.2 per cent.

Signature

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

Name

Minister of State,

Department for Work and Pensions

Date

Explanatory note

(This note is not part of the Order)

This Order specifies 1.2 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 the Pension Schemes Act 1993 (c.48) 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 impact assessment has not been published for this instrument as it has no new impact on business or civil society organisations.