# The Guaranteed Minimum Pensions Increase Order 2007

S.I. 2007/686 · made 6 March 2007

This Order 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 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.

## Introductory text

PENSIONS
Made 6th March 2007
Coming into force 6th April 2007
The Secretary of State has reviewed the general level of prices in Great Britain for the period of 12 months commencing on 1st October 2005 as required by section 109(1) of the Pension Schemes Act 1993, and it appears to him that the general level of prices was greater by 3.6 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 Act 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.

## 1 Citation and commencement

This Order may be cited as the Guaranteed Minimum Pensions Increase Order 2007 and shall come into force on 6th April 2007.

## 2 Increase 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 period shall be 3 per cent.

## Signature

Signed by authority of the Secretary of State for Work and Pensions.
James Purnell
Minister of State,
Department for Work and Pensions
6th March 2007

## Explanatory note

(This note is not part of the Order)
This Order 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 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 no new impact on the private or voluntary sectors is foreseen.

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Source: https://www.legislation.gov.uk/uksi/2007/686 (the official version)
Page: https://openlegislation.uk/guaranteed-minimum-pensions-increase-order-2007
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.