Rates or amounts of certain benefits under the Pension Schemes ActN.I.
5.—(1) It is directed that the sums specified in paragraph (2) shall be increased from and including the respective dates specified in Article 7.
(2) Sums which are payable by virtue of section 11(1) of the Pension Schemes Act (increase of guaranteed minimum where commencement of guaranteed minimum pension postponed) to a person who is also entitled to a Category A or Category B retirement pension (including sums payable by virtue of section 13(2) and (3) of that Act(1)) shall be increased by—
(a)6.7 per cent where the increase under section 11(1) is attributable to earnings factors for the tax year 1987-88 and earlier tax years(2); and
(b)3.7 per cent where the increase under section 11(1) is attributable to earnings factors for the tax years 1988-89 to 1996-97 inclusive.
Commencement Information
I1Art. 5 comes into force in accordance with art.1(1)(c)(2)(3)(a)(7)
Section 13(2) was amended by paragraph 5(b) of Schedule 1 to S.R. 2005 No. 433, regulation 68(3)(a) and (b) of S.I. 2019/1514 and regulation 40(2) of S.I. 2020/1143
See section 132(4) of the Social Security Administration (Northern Ireland) Act 1992 as amended by paragraph 41(c) of Schedule 7 to the Pension Schemes (Northern Ireland) Act 1993; see also S.R.2024 No. 51