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Pensions Act 2004

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Changes over time for: Section 280

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Changes to legislation:

Pensions Act 2004, Section 280 is up to date with all changes known to be in force on or before 29 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

280Power to increase pensions giving effect to pension credits etcE+W+S

This section has no associated Explanatory Notes

(1)Section 40 of the Welfare Reform and Pensions Act 1999 (c. 30) (power of the Secretary of State to increase pensions provided to give effect to certain rights) is amended as follows.

(2)In subsection (1), for “5%” substitute “ the maximum percentage ”.

(3)In subsection (2), for “This” substitute “ Subject to subsection (2A), this ”.

(4)After subsection (2) insert—

(2A)Subsection (2) does not apply to pensions which—

(a)are money purchase benefits, and

(b)become pensions in payment on or after the commencement day.

(2B)For the purposes of subsection (1) the “maximum percentage” means—

(a)5% in a case where—

(i)the pension is in payment before the commencement day, or

(ii)the pension is not in payment before the commencement day but the entitlement to the relevant pension credit arose before that day, and

(b)2.5% in a case where the entitlement to the relevant pension credit arises on or after the commencement day.

(5)In subsection (3), at the appropriate places insert—

commencement day” means the day appointed for the coming into force of section 280 of the Pensions Act 2004 (amendments to section 40);

money purchase benefit” has the meaning given by section 181(1) of the Pension Schemes Act 1993;

relevant pension credit” means the pension credit to which the eligible pension credit rights or, as the case may be, the safeguarded rights are (directly or indirectly) attributable;.

Commencement Information

I1S. 280 in force at 15.3.2005 for specified purposes by S.I. 2005/695, art. 2(4) (with arts. 4-6, Sch. 2, Sch. 3)

I2S. 280 in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7

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