The Social Security Benefits Up-rating Order 1993

Increase in rates or amounts of certain benefits under the Pensions Act

5.—(1) The sums specified in paragraph (2) below shall be increased from and including the respective dates specified in article 6 below.

(2) Sums which are payable by virtue of section 35(6) of the Pensions Act (which provides for increases in a person’s guaranteed minimum pension if payment of his occuptional pension is postponed after he attains pensionable age) to a person who is also entitled to a Category A or Category B retirement pension (including sums payable by virtue of section 36(3)), shall be increased by—

(a) 3.6 per cent. of their amount apart from this Order where the increase under section 35(6) is attributable to earnings factors for the tax year 1987-88 and earlier tax years, and

(b) 0.6 per cent. of their amount apart from this Order where the increase under section 35(6) is attributable to earnings factors for the tax year 1988-89 and subsequent tax years(1).

(1)

See section 151(3)-(5) of the Social Security Administration Act 1992 and the Guaranteed Minimum Pensions Increase Order 1993 (S.I. 1993/279). Subsection (3) provides for the increases to be paid as part of a Category A or Category B retirement pension.