The Guaranteed Minimum Pensions Increase Order (Northern Ireland) 2018

Made8th March 2018

Coming into operation6th April 2018

This Order is made in exercise of the powers conferred by section 105 of the Pension Schemes (Northern Ireland) Act 19931 and now vested in the Department for Communities2.

The Secretary of State for Work and Pensions has made an Order3 under section 109(4) of the Pension Schemes Act 19934.

Accordingly the Department for Communities makes the following Order:

Citation, commencement and interpretation1

1

This Order may be cited as the Guaranteed Minimum Pensions Increase Order (Northern Ireland) 2018 and shall come into operation on 6th April 2018.

2

In this Order “relevant period” has the same meaning as in section 109(3A)5 of the Pension Schemes Act 1993.

3

The Interpretation Act (Northern Ireland) 19546 shall apply to this Order as it applies to an Act of the Assembly.

Increase of guaranteed minimum pensions2

For the purposes of section 105(1) of the Pension Schemes (Northern Ireland) Act 1993, the percentage by which there is to be an increase in the rate of that part of any guaranteed minimum pension which is attributable to earnings factors for the tax years in the relevant period shall be 3 per cent.

Sealed with the Official Seal of the Department for Communities on 8th March 2018

(L.S.)Anne McClearyA senior officer of the Department for Communities

EXPLANATORY NOTE

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2018/279) made by the Secretary of State for Work and Pensions under section 109(4) of the Pension Schemes Act 1993, specifies 3 per cent. as the percentage by which that part of any guaranteed minimum pension attributable to earnings factors for the tax years 1988-1989 to 1996-1997, and payable by contracted-out, defined benefit occupational pension schemes, is to be increased.