The Guaranteed Minimum Pensions Increase Order (Northern Ireland) 2012

Statutory Rules of Northern Ireland

2012 No. 97

Pensions

The Guaranteed Minimum Pensions Increase Order (Northern Ireland) 2012

Made

7th March 2012

Coming into operation

6th April 2012

This Order is made in exercise of the powers conferred by section 105 of the Pension Schemes (Northern Ireland) Act 1993(1) and now vested in the Department for Social Development(2).

The Secretary of State for Work and Pensions has made an Order(3) under section 109(4) of the Pension Schemes Act 1993(4).

Accordingly the Department for Social Development makes the following Order:

Citation, commencement and interpretation

1.—(1) This Order may be cited as the Guaranteed Minimum Pensions Increase Order (Northern Ireland) 2012 and shall come into operation on 6th April 2012.

(2) In this Order “relevant period” has the same meaning as in section 109(3A)(5) of the Pension Schemes Act 1993.

(3) The Interpretation Act (Northern Ireland) 1954(6) shall apply to this Order as it applies to an Act of the Assembly.

Increase of guaranteed minimum pensions

2.  For the purposes of section 105(1) of the Pension Schemes (Northern Ireland) 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 years in the relevant period shall be 3 per cent.

Sealed with the Official Seal of the Department for Social Development on 7th March 2012

(L.S.)

Anne McCleary

A senior officer of the Department for Social Development

EXPLANATORY NOTE

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2012/693) made by the Secretary of State for Work and Pensions under section 109(4) of the Pension Schemes Act 1993, specifies 3 per cent. as the percentage by which that part of any guaranteed minimum pension attributable to earnings factors for the tax years 1988-1989 to 1996-1997, and payable by contracted-out, defined benefit occupational pension schemes, is to be increased.

(1)

1993 c. 49; section 105(1) was amended by Article 55 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) and paragraph 22 of Schedule 1 to S.R. 2005 No. 433

(2)

See Article 8(b) of S.R. 1999 No. 481

(3)

S.I. 2012/693

(4)

1993 c. 48

(5)

Section 109(3A) was inserted by section 55(b) of the Pensions Act 1995 (c. 26)

(6)

1954 c. 33 (N.I.)