PART 2SOCIAL SECURITY BENEFITS AND PENSIONS
Increase in rates or amounts of certain pensions and allowances under the Contributions and Benefits ActI14
1
The sums falling to be calculated under paragraph 13(4) of Schedule 7 to the Contributions and Benefits Act (calculation of weekly rate of a beneficiary’s retirement allowance) shall be increased by 10.1 per cent.
2
In section 44(4) of the Contributions and Benefits Act26 (basic pension in a Category A retirement pension)—
a
for “£113.45” substitute “£124.90”
; and
b
for “£141.85” substitute “£156.20”
.
3
It is directed27 that the sums which are—
a
additional pensions in long-term benefits calculated by reference to any final relevant year earlier than the tax year 2022-2023;
b
increases in the rates of retirement pensions under Schedule 5 to the Contributions and Benefits Act28 (pension increase or lump sum where entitlement to retirement pension is deferred);
c
lump sums to which surviving spouses or civil partners will become entitled under paragraph 7A of that Schedule29 on becoming entitled to a Category A or Category B retirement pension (entitlement to lump sum where pensioner’s deceased spouse or civil partner has deferred entitlement); and
d
sums payable to a pensioner as part of their Category A or Category B retirement pension by virtue of an order made under section 126A of the Social Security Act 197530, section 63 of the Social Security Act 198631 or section 150 of the Social Security Administration Act 1992 by virtue of subsection (1)(e),
shall in each case be increased by 10.1 per cent.