The Guaranteed Minimum Pensions Increase Order 2023
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King's Printer of Acts of Parliament
2023-03-09
PENSIONS
This Order specifies 3 per cent. as the percentage by which that part of guaranteed minimum pensions attributable to earnings factors for the tax years 1988-89 to 1996-97 and payable by contracted-out, defined benefit occupational pension schemes is to be increased. Under section 109(3) of the Pension Schemes Act 1993 (c. 48) the percentage to be specified is the percentage increase in the general level of prices in the period under review or 3 per cent., whichever is less.
The Guaranteed Minimum Pensions Increase Order 2023
Signed by authority of the Secretary of State for Work and Pensions
Laura TrottParliamentary Under Secretary of StateDepartment for Work and Pensions