Pensions Act 2014

21 E+W+S After section 151 insert—

“151A Up-rating of transitional state pensions under Pensions Act 2014

(1) The Secretary of State must, in each tax year, review the general level of prices in Great Britain and any changes which have taken place.

(2) If on a review it appears to the Secretary of State that the general level of prices has increased during the review period, the Secretary of State must make an order specifying a percentage by which the amounts mentioned in the following provisions of the Pensions Act 2014 are to be increased—

(a) section 9;

(b) paragraph 4(3) of Schedule 2;

(c) paragraphs 5(3) and 6 of Schedule 4;

(d) paragraphs 5(3) and 6 of Schedule 9.

(3) The percentage specified in the order must not be less than the percentage by which the general level of prices has increased during the review period.

(4) This section does not require the Secretary of State to make an order if it appears to the Secretary of State that the effect of the order on the amounts referred to in subsection (2) would be inconsiderable.

(5) An order under this section must be framed so as to bring the increase in question into force in the week beginning with the first Monday in the tax year following that in which the order is made.

(6) The Secretary of State must lay with a 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.

(7) If a draft order under this section is combined with a draft up-rating order under section 150 or 150A, the report required by virtue of subsection (6) may be combined with that required by virtue of section 150(8) or 150A(5).

(8) For the purposes of any review under this section the Secretary of State may estimate the general level of prices in such manner as the Secretary of State thinks fit.”

Commencement Information

I1 Sch. 12 para. 21 in force at 6.4.2016, see s. 56(1)(4)