Pension Schemes Act 1993

15 Increase of guaranteed minimum where commencement of guaranteed minimum pension postponed. E+W+S

(1) Where in accordance with section 13(4) the commencement of an earner’s guaranteed minimum pension is postponed for any period and there are at least seven complete weeks in that period, his guaranteed minimum in relation to the scheme shall, for each complete week in that period, be increased by one-seventh per cent.—

(a) of the amount of that minimum apart from this subsection; or

(b) if for that week (or a period which includes that week) a pension is paid to him under the scheme at a weekly rate less than that minimum, of the difference between that pension and that minimum.

(2) In subsection (1) “week” means any period of seven consecutive days.

(3) Where an earner’s guaranteed minimum is increased under subsection (1), the increase of that part of it which is attributable to earnings factors for the tax year 1987-88 and earlier tax years shall be calculated separately from the increase of the rest.

(4) Where one or more orders have come into force under section 109 during the period for which the commencement of a guaranteed minimum pension is postponed, the amount of the guaranteed minimum for any week in that period shall be determined as if the order or orders had come into force before the beginning of the period.

Modifications etc. (not altering text)

C1 S. 15: sums amended (with effect in accordance with arts. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 1999 (S.I. 1999/264), art. 5 (which amending S.I. is revoked (1.4.2000) by S.I. 2000/440, art. 24)

C2 S. 15 applied (6.4.2005) by The Armed Forces Pension Scheme Order 2005 (S.I. 2005/438), art. 1, Sch. 1 rule D.17(5)

C3 S. 15(1) sums amended (with effect in accordance with arts. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 1994 (S.I. 1994/542), arts. 1(2)(d), 5 (which amending S.I. is revoked (1.4.1995) by S.I. 1995/559, art. 24)

C4 S. 15(1) sums amended (with effect in accordance with arts. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 1995 (S.I. 1995/559), arts. 1(2)(d), 5 (which amending S.I. is revoked (1.4.1996) by S.I. 1996/599, art. 24)

C5 S. 15(1) sums amended (with effect in accordance with arts. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 1996 (S.I. 1996/599), arts. 1(2)(d), 5

C6 S. 15(1): sums amended (with effect in accordance with arts. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 1997 (S.I. 1997/543), arts. 1(2)(d), 5 (which amending S.I. is revoked (1.4.1998) by S.I. 1998/470, art. 27)

C7 S. 15(1): sums amended (with effect in accordance with arts. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 1998 (S.I. 1998/470), arts. 1(2)(d), 5 (which amending S.I. is revoked (1.4.1999) by S.I. 1999/264, art. 27)

C8 S. 15(1): sums amended (with effect in accordance with arts. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 2000 (S.I. 2000/440), arts. 1(2)(c), 5 (which amending S.I. is revoked (1.4.2001) by S.I. 2001/207, art. 24)

C9 S. 15(1): sums amended (with effect in accordance with arts. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up-rating (No. 2) Order 2000 2001 (S.I. 2001/207), arts. 1(2)(c), 5 (which amending S.I. is revoked (1.4.2002) by S.I. 2002/668, art. 24)

C10 S. 15(1): sums amended (with effect in accordance with arts. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up Rating Order 2002 (S.I. 2002/668), arts. 1(2)(c), 5 (which amending S.I. is revoked (1.4.2003) by S.I. 2003/526, art. 26)

C11 S. 15(1) modified (with effect in accordance with art. 1(3)(a) 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 2004 (S.I. 2004/552), arts. 1(2)(c), 5

C12 S. 15(1) modified (with effect in accordance with art. 1(3)(a) 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 2005 (S.I. 2005/522), arts. 1(2)(c), 5

Commencement Information

I1 Ss. 1-187 in force at 7.2.1994 by S.I. 1994/86, art. 2