1994 No. 500
The Guaranteed Minimum Pensions Increase Order 1994
Made
Coming into force
Whereas the Secretary of State has reviewed the general level of prices obtaining in Great Britain for the period of 12 months commencing on 1st October 1992; And whereas it appears to him that the general level of prices was greater by 1.8 per cent.at the end of that period than it was at the beginning of that period; And whereas a draft of the following Order was laid before Parliament and approved by a resolution of each House; Now, therefore, the Secretary of State for Social Security, in exercise of the power conferred by section 109 of the Pension Schemes Act 19931 hereby makes the following Order:
Citation and commencement1
This Order may be cited as the Guaranteed Minimum Pensions Increase Order 1994 and shall come into force on 6th April 1994.
Increase of guaranteed minimum pensions2
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 in the rate of that part of any guaranteed minimum pension which is attributable to earnings factors for the tax year 1988-89 and subsequent tax years shall be 1.8 per cent.
Signed by authority of the Secretary of State for Social Security.
(This note is not part of the Order)