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Pension Schemes Act 1993

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Changes over time for: Section 109

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Changes to legislation:

Pension Schemes Act 1993, Section 109 is up to date with all changes known to be in force on or before 08 December 2024. 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

109 Annual increase of guaranteed minimum pensions.E+W+S

(1)The Secretary of State shall in each tax year review the general level of prices in Great Britain for the period of 12 months commencing at the end of the period last reviewed under this section.

(2)Where it appears to the Secretary of State that that level has increased at the end of the period under review, he shall lay before Parliament the draft of an order specifying a percentage by which there is to be an increase of the rate of that part of guaranteed minimum pensions which is attributable to earnings factors for [F1the tax years in the relevant period] for—

(a)earners who have attained pensionable age; and

(b)[F2widows, widowers and surviving civil partners].

(3)The percentage shall be—

(a)the percentage by which that level has increased at the end of the period under review; or

(b)3 per cent.,

whichever is less.

[F3(3A)The relevant period is the period—

(a)beginning with the tax year 1988-89, and

(b)ending with the last tax year that begins before the principal appointed day F4...]

(4)If a draft order laid before Parliament in pursuance of this section is approved by a resolution of each House, the Secretary of State shall make the order in the form of the draft.

(5)An order under this section shall be so framed as to bring the alterations to which it relates into force on the first day of the next tax year after that in which the order is made.

(6)Where the benefits mentioned in section 46(1) to (7) are not increased on the day on which an order under this section takes effect, the order shall be treated for the purposes of that section as not taking effect until the day on which those benefits are next increased.

Textual Amendments

F1Words in s. 109(2) substituted (4.2.1997) by Pensions Act 1995 (c. 26), ss. 55(a), 180(1) (with s. 121(5)); S.I. 1997/216, art. 2(2)

F4Words in s. 109(3A)(b) omitted (6.4.2016) by virtue of Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 40

Modifications etc. (not altering text)

Commencement Information

I1Ss. 1-187 in force at 7.2.1994 by S.I. 1994/86, art. 2

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