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The Guaranteed Minimum Pensions Increase Order 2022
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This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Guaranteed Minimum Pensions Increase Order 2022 No. 297
Increase of guaranteed minimum pensions
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2. For the purposes of section 109(2) and (3) of the Pension Schemes Act 1993, the percentage by which there is to be an increase of the rate of that part of guaranteed minimum pensions which is attributable to earnings factors for the tax years in the relevant period(1) is 3 per cent.
(1)
For the meaning of “relevant period”, see section 109(3A) of the Pension Schemes Act 1993 which was inserted by section 55(b) of the Pensions Act 1995 and amended by paragraph 40 of Schedule 13 to the Pensions Act 2014 (c. 19).
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