Guaranteed Minimum Pensions Increase Order 2005 comes into force

Implementation date: 6 April 2005

The Order is made in consequence of a review under the Pension Schemes Act 1993, section 109(1). The Order specifies 2.8% as the percentage by which that part of any guaranteed minimum pension 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) the percentage to be specified is the actual percentage increase in the general level of prices in the period under review or 3%, whichever is less. The Order can be viewed on the OPSI website.