# The Guaranteed Minimum Pensions Increase Order 2006, Note: Explanatory note


(This note is not part of the Order)
This Order specifies 2.7 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 regulatory impact assessment has not been produced for this instrument as it has no new impact on the costs of business, charities, voluntary bodies and the public sector.

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Source: https://www.legislation.gov.uk/uksi/2006/673/note (the official version)
Page: https://openlegislation.uk/guaranteed-minimum-pensions-increase-order-2006/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.