Law

The Guaranteed Minimum Pensions Increase Order 2024

United Kingdom · regulation

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In force since 2024-04-06, as the publisher states.

Copy read on 2026-11-10. The page it was read from

Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.

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Contents: 3 provisions
  1. Title and introductory text
  2. 1 Citation, commencement and extent
  3. 2 Increase of guaranteed minimum pensions

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3 provisions

Title and introductory text

2024 No. 243 PENSIONS The Guaranteed Minimum Pensions Increase Order 2024 Made 1st March 2024 Coming into force 6th April 2024 The Secretary of State has reviewed the general level of prices in Great Britain for the period of 12 months commencing on 1st October 2022 as required by section 109(1) of the Pension Schemes Act 1993, and it appears to the Secretary of State that the general level of prices was greater by 6.7 per cent. at the end of that period than it was at the beginning of that period. A draft of this Order was laid before Parliament in accordance with section 109(2) of that Act and approved by a resolution of each House of Parliament. Accordingly, the Secretary of State makes this Order in exercise of the power conferred by section 109(4) of that Act.

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1 Citation, commencement and extent

(1) This Order may be cited as the Guaranteed Minimum Pensions Increase Order 2024 and comes into force on 6th April 2024. (2) This Order extends to England and Wales and Scotland.

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2 Increase of guaranteed minimum pensions

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 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.

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