PART 2SOCIAL SECURITY BENEFITS AND PENSIONS

Rates or amounts of certain pensions and allowances under the Contributions and Benefits Act 4.

(1)

The sums falling to be calculated under paragraph 13(4) of Schedule 7 to the Contributions and Benefits Act (calculation of weekly rate of a beneficiary’s retirement allowance) shall be increased by 3.1 per cent.

(2)

In section 44(4) of the Contributions and Benefits Act 24 (basic pension of Category A retirement pension)—

(a)

for “£110.05” substitute “£113.45”; and

(b)

for “£137.60” substitute “£141.85”.

(3)

It is directed that the sums which are—

(a)

the additional pensions in long-term benefits calculated by reference to any final relevant year earlier than the tax year 2021-2022;

(b)

the increases in the rates of retirement pensions under Schedule 5 to the Contributions and Benefits Act 25 (pension increase or lump sum where entitlement to retirement pension is deferred); lump sums to which surviving spouses or civil partners will become entitled under paragraph 7A of that Schedule 26 on becoming entitled to a Category A or Category B retirement pension (entitlement to lump sum where pensioner’s deceased spouse or civil partner has deferred entitlement); and

(c)

payable to a pensioner as part of their Category A or Category B retirement pension by virtue of an order made under section 120 of the Social Security (Northern Ireland) Act 1975 27, Article 64 of the Social Security (Northern Ireland) Order 1986 28 or section 132 of the Administration Act,

shall in each case be increased by 3.1 per cent.

(4)

The sums which are shared additional pensions under sections 55A and 55AA of the Contributions and Benefits Act 29, and the sums which are increases in the rates of such pensions under paragraph 2 of Schedule 5A to that Act 30, shall in each case be increased by 3.1 per cent.