Part V Annual Increases of Pensions in Payment

Chapter II Guaranteed Minimum Pensions

106 Requirement as to resources for annual increase of guaranteed minimum pensions.

1

Except as permitted by F1Article 53 of the Pensions (Northern Ireland) Order 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 105 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 widow or widower of an earner who died before attaining pensionable age and is in respect of the tax year in which the person became a widow or widower, and the increase is the one required to be made in the next tax year.

F22

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F23

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F24

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