The Guaranteed Minimum Pensions Increase Order 2024
This Order specifies 3 per cent. as the percentage by which that part of guaranteed minimum pensions 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 percentage increase in the general level of prices in the period under review or 3 per cent., whichever is less.
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Lifecycle
Department
Made
01 Mar 2024
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In force
06 Apr 2024
Enabling power
The Secretary of State has reviewed the general level of prices in Great Britain for the period of 12 months commencing on 1st October 2022 as required by section 109(1) of the Pension Schemes Act 1993, and it appears to the Secretary of State that the general level of prices was greater by 6.7 per cent. at the end of that period than it was at the beginning of that period. A draft of this Order was laid before Parliament in accordance with section 109(2) of that Actand approved by a resolution of each House of Parliament. Accordingly, the Secretary of State makes this Order in exercise of the power conferred by section 109(4) of that Act.
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