The Guaranteed Minimum Pensions Increase Order (Northern Ireland) 2024

Made11th March 2024

Coming into operation6th April 2024

This Order is made in exercise of the powers conferred by section 105 of the Pension Schemes (Northern Ireland) Act 19931 and now vested in the Department for Communities2.

The Secretary of State for Work and Pensions has made an Order3 under section 109(4) of the Pension Schemes Act 19934.

Accordingly the Department for Communities makes the following Order:

Citation, commencement and interpretationI11

1

This Order may be cited as the Guaranteed Minimum Pensions Increase Order (Northern Ireland) 2024 and shall come into operation on 6th April 2024.

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) 19546 shall apply to this Order as it applies to an Act of the Assembly.

Increase of guaranteed minimum pensionsI22

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 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.

Sealed with the Official Seal of the Department for Communities on 11th March 2024

(L.S.)David TarrA senior officer of the Department for Communities

EXPLANATORY NOTE

(This note is not part of the Order)

This Order, which corresponds to an Order (S.I. 2024/243) 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 guaranteed minimum pensions 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.