The Guaranteed Minimum Pensions Increase Order (Northern Ireland) 2024

Made: 11th March 2024

Coming into operation: 6th April 2024

Accordingly the Department for Communities makes the following Order:

Citation, commencement and interpretation

1

• (1) This Order may be cited as the Guaranteed Minimum Pensions Increase Order (Northern Ireland) 2024 and shall come into operation on 6th April 2024.

• (2) In this Order “relevant period” has the same meaning as in section 109(3A)[^f00005] of the Pension Schemes Act 1993.

• (3) The Interpretation Act (Northern Ireland) 1954[^f00006] shall apply to this Order as it applies to an Act of the Assembly.

Increase of guaranteed minimum pensions

2

For the purposes of section 105(1) of the Pension Schemes (Northern Ireland) Act 1993, the percentage by which there is to be an increase of the rate of that part of guaranteed minimum pensions which is attributable to earnings factors for the tax years in the relevant period is 3 per cent.

Signed

Sealed with the Official Seal of the Department for Communities on 11th March 2024

David Tarr — A senior officer of the Department for Communities

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

This Order, which corresponds to an Order (S.I. 2024/243) made by the Secretary of State for Work and Pensions under section 109(4) of the Pension Schemes Act 1993, specifies 3 per cent. as the percentage by which that part of guaranteed minimum pensions attributable to earnings factors for the tax years 1988-1989 to 1996-1997, and payable by contracted-out, defined benefit occupational pension schemes, is to be increased.

Footnotes

[^f00001]: 1993 c. 49; section 105(1) was amended by Article 55 of the Pensions (Northern Ireland) Order 1995 (S.I.1995/3213(N.I.22)) and paragraph 22 of Schedule 1 to S.R. 2005 No. 433

[^f00002]: See Article 8(b) of S.R. 1999 No. 481 and section 1(7) of the Departments Act (Northern Ireland) 2016 (c. 5 (N.I.))

[^f00003]: S.I. 2024/243

[^f00004]: 1993 c. 48

[^f00005]: Section 109(3A) was inserted by section 55(b) of the Pensions Act 1995 (c. 26) and amended by paragraph 40 of Schedule 13 to the Pensions Act 2014 (c. 19)

[^f00006]: 1954 c. 33 (N.I.)

Editorial notes

[^key-e1da72611e77423abf86c31269b8a84f]: Art. 1 in operation at 6.4.2024, see art. 1(1)

[^key-72c36d97758a1af5e1f09f17fc05966a]: Art. 2 in operation at 6.4.2024, see art. 1(1)