41Collective benefits exempt from indexation
This section has no associated Explanatory Notes
(1)In section 51 of the Pensions Act 1995 (annual increase in rate of pension)—
(a)in subsection (1), for “Subject to subsections (6) and (7)” substitute “Subject to subsections (6) to (7A)”;
(b)after subsection (7) insert—
“(7A)This section does not apply to any pension, or part of a pension, that is a collective benefit.”
(2)Omit section 21(2) of the Pensions Act 2011, which is no longer needed given subsection (1).