(1)The Secretary of State may by regulations make provision for a pension to which subsection (2) applies to be increased, as a minimum, by reference to increases in the retail prices index, so far as not exceeding 5% per annum.
(2)This subsection applies to—
(a)a pension provided to give effect to eligible pension credit rights of a member under a qualifying occupational pension scheme, and
(b)a pension provided to give effect to safeguarded rights of a member under a personal pension scheme.
(3)In this section—
“eligible”, in relation to pension credit rights, means of a description prescribed by regulations made by the Secretary of State;
“pension credit rights”, in relation to an occupational pension scheme, means rights to future benefits under the scheme which are attributable (directly or indirectly) to a credit under section 29(1)(b) or under corresponding Northern Ireland legislation;
“qualifying occupational pension scheme” means an occupational pension scheme which is not a public service pension scheme;
“safeguarded rights” has the meaning given in section 68A of the [1993 c. 48.] Pension Schemes Act 1993.