Pensions Act 1995

162 Annual increase in rate of personal pension

(1) This section applies to any pension provided to give effect to protected rights of a member of a personal pension scheme if—

(a) there is in force, or was in force at any time after the appointed day, an appropriate scheme certificate issued in accordance with Chapter I of Part III (certification) of the [1993 c. 48.] Pension Schemes Act 1993, and

(b) apart from this section, the annual rate of the pension would not be increased each year by at least the appropriate percentage of that rate.

(2) Where a pension to which this section applies, or any part of it, is attributable to contributions in respect of employment carried on on or after the appointed day—

(a) the annual rate of the pension, or

(b) if only part of the pension is attributable to contributions in respect of employment carried on on or after the appointed day, so much of the annual rate as is attributable to that part,

must be increased annually by at least the appropriate percentage.