The Guaranteed Minimum Pensions Increase Order 1995

Made: 1st March 1995

Coming into force: 6th April 1995

Now, therefore, the Secretary of State for Social Security, in exercise of the power conferred by section 109(4) of the Pension Schemes Act 1993[^f00001] hereby makes the following Order:

Citation and commencement

1

This Order may be cited as the Guaranteed Minimum Pensions Increase Order 1995 and shall come into force on 6th April 1995.

Increase of guaranteed minimum pensions

2

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 2.2 per cent.

Signed

Signed by authority of the Secretary of State for Social Security

James Arbuthnot — Parliamentary Under-Secretary of State, — Department of Social Security — 1st March 1995

Explanatory note

(This note is not part of the Order)

This Order, a draft of which has been laid before and approved by a resolution of each House of Parliament, is made as a consequence of a review under section 109(1) of the Pension Schemes Act 1993. It specifies 2.2 per cent. as the percentage by which that part of any guaranteed minimum pension attributable to earnings factors for the tax year 1988-89 and subsequent years and payable by occupational pension schemes is to be increased. Under section 109(3) the percentage to be specified is the actual percentage increase in the period under review or 3 per cent., whichever is less.

This Order does not impose any costs on business.

Footnotes

[^f00001]: 1993 c. 48.