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Pension Schemes Act 1993

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Pension Schemes Act 1993, Section 110 is up to date with all changes known to be in force on or before 12 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

110 Requirement as to resources for annual increase of guaranteed minimum pensions.E+W+S

(1)Except as permitted by [F1section 53 of the Pensions Act 1995], the trustees or managers of a scheme may not make an increase in a person’s pension which is required by virtue of section 109 out of money which would otherwise fall to be used for the payment of benefits under the scheme to or in respect of that person unless—

(a)the payment is to an earner in respect of the tax year in which he attains pensionable age and the increase is the one required to be made in the next tax year; or

(b)the payment is to a person as the [F2widow, widower or surviving civil partner] of an earner who died before attaining pensionable age and is in respect of the tax year in which the person became a [F2widow, widower or surviving civil partner], and the increase is the one required to be made in the next tax year.

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