# The Occupational Pension Schemes (Schemes that were Contracted-out) (No. 2) (Amendment) Regulations 2022, Note: Explanatory note


(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.

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Source: https://www.legislation.gov.uk/uksi/2022/158/note (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-schemes-that-were-contracted-out-no-2-amendment-regulations-2022/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.