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(1)The Secretary of State shall in each tax year review the sums—
(a)specified in the following provisions of the Contributions and Benefits Act—
(ii)section 44(4); and
(iii)paragraphs 2(6)(c) and 6(2)(b) of Schedule 8;
(b)specified in regulations under section 72(3) or 73(10) of that Act;
(c)which are the additional pensions in long-term benefits;
(d)which are the increases in the rates of retirement pensions under Schedule 5 to the Contributions and Benefits Act;
(i)payable by virtue of section 35(6) of the Pensions Act to a person who is also entitled to a Category A or Category B retirement pension (including sums payable by virtue of section 36(3)); or
(ii)payable to such a person as part of his Category A or Category B retirement pension by virtue of an order made under this section by virtue of this paragraph or made under section 126A of the 1975 Act or section 63(1)(d) of the 1986 Act;
(f)specified in section 80(4) of the Contributions and Benefits Act;
(g)falling to be calculated under paragraph 13(4) of Schedule 7 to that Act;
(h)prescribed for the purposes of section 128(5) or 129(8) of that Act or specified in regulations under section 135(1);
(i)specified by virtue of section 145(1) of that Act;
(j)specified in section 157(1) of that Act or in regulations under section 166(3);
in order to determine whether they have retained their value in relation to the general level of prices obtaining in Great Britain estimated in such manner as the Secretary of State thinks fit.
(2)Where it appears to the Secretary of State that the general level of prices is greater at the end of the period under review than it was at the beginning of that period, he shall lay before Parliament the draft of an up-rating order—
(a)which increases each of the sums to which subsection (3) below applies by a percentage not less than the percentage by which the general level of prices is greater at the end of the period than it was at the beginning; and
(b)if he considers it appropriate, having regard to the national economic situation and any other matters which he considers relevant, which also increases by such a percentage or percentages as he thinks fit any of the sums mentioned in subsection (1) above but to which subsection (3) below does not apply; and
(c)stating the amount of any sums which are mentioned in subsection (1) above but which the order does not increase.
(3)This subsection applies to sums—
(a)specified in Part I, paragraph 1, 2, 4, 5 or 6 of Part III, Part IV or Part V of Schedule 4 to the Contributions and Benefits Act;
(b)mentioned in subsection (1)(a)(ii) or (iii), (b), (c), (d), (e) or (g) above.
(4)Subsection (2) above shall not require the Secretary of State to provide for an increase in any case in which it appears to him that the amount of the increase would be inconsiderable.
(5)The Secretary of State may, in providing for an increase in pursuance of subsection (2) above, adjust the amount of the increase so as to round any sum up or down to such extent as he thinks appropriate.
(6)Where subsection (2) above requires the Secretary of State to lay before Parliament the draft of an order increasing any sum that could be reduced under section 154(1) below, the order may make such alteration to that sum as reflects the combined effect of that increase and of any reduction that could be made under that subsection.
(7)If the Secretary of State considers it appropriate to do so, he may include in the draft of an up-rating order, in addition to any other provisions, provisions increasing any of the sums for the time being specified in regulations under Part VII of the Contributions and Benefits Act or which are additions to income support under regulations made under section 89 of the 1986 Act.
(8)The Secretary of State shall lay with any draft order under this section a copy of a report by the Government Actuary or the Deputy Government Actuary giving that Actuary’s opinion on the likely effect on the National Insurance Fund of such parts of the order as relate to sums payable out of that Fund.
(9)If a draft order laid before Parliament in pursuance of this section is approved by a resolution of each House, the Secretary of State shall make the order in the form of the draft.
(10)An order under this section—
(a)shall be framed so as to bring the alterations to which it relates into force—
(i)in the week beginning with the first Monday in the tax year; or
(ii)on such earlier date in April as may be specified in the order;
(b)may make such transitional provision as the Secretary of State considers expedient in respect of periods of entitlement—
(i)to family credit;
(ii)to disability working allowance; or
(iii)to statutory sick pay,
running at the date when the alterations come into force.
(11)So long as sections 36 and 37 of the [1965 c. 51.] National Insurance Act 1965 (graduated retirement benefit) continue in force by virtue of regulations made under Schedule 3 to the [1975 c. 18.] Social Security (Consequential Provisions) Act 1975 or under Schedule 3 to the Consequential Provisions Act, regulations may make provision for applying the provisions of this section to the amount of graduated retirement benefit payable for each unit of graduated contributions and to increases of such benefit under any provisions made by virtue of section 24(1)(b) of the Pensions Act or section 62(1)(a) of the Contributions and Benefits Act.
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