EXPLANATORY NOTE
(This note is not part of the Order)
This Order, which corresponds to an Order (S.I. 2022/297) 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 guaranteed minimum pensions 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.