PART VIOCCUPATIONAL AND PERSONAL PENSION SCHEMES: MISCELLANEOUS PROVISIONS

Annual increases in rate of pensions

Annual increase in rate of certain personal pensions256

1

Article 158 of the 1995 Order (annual increase in rate of certain personal pensions) is amended in accordance with paragraph (2).

2

In paragraph (1) omit “and” at the end of sub-paragraph (a) and for sub-paragraph (b) substitute—

b

the pension became a pension in payment before the commencement day,

c

the whole, or any part of, the pension is attributable to contributions in respect of employment carried on on or after the appointed day, and

d

apart from this Article—

i

the annual rate of the pension, or

ii

if only part of the pension is attributable as described in sub-paragraph (c), so much of the annual rate as is attributable to that part,

would not be increased each year by at least the appropriate percentage of that rate.

3

In Article 159(3) of that Order (Article 158: supplementary)—

a

in the definition of “appropriate percentage”, for the words from “revaluation period” to the end substitute “ latest revaluation period specified in the latest revaluation order under paragraph 2 of Schedule 2 to the Pension Schemes Act which is in force at the time of the increase (expressions used in this definition having the same meaning as in that paragraph of that Schedule) ”, and

b

at the appropriate place insert—

“ the commencement day ” means the day appointed for the coming into operation of Article 256 of the Pensions (Northern Ireland) Order 2005 (amendments to Article 158);