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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations make provision in relation to the revaluation of guaranteed minimum pensions (GMPs).

Regulation 2 amends the Occupational Pension Schemes (Schemes that were Contracted-out) (No. 2) Regulations 2015 (S.I. 2015/1677). The amendments provide for a new fixed rate of revaluation of GMP for early leavers. The new fixed rate – 3.25 per cent – applies to members of pension schemes that were contracted-out who leave pensionable service on or after 6th April 2022.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.