Part IISOCIAL SECURITY BENEFITS AND PENSIONS
Increase in rates or amounts of certain benefits under the Pension Schemes Act5
1
It is hereby directed20 that the sums specified in paragraph (2) below shall be increased from and including the respective dates specified in article 6 below.
2
Sums which are payable by virtue of section 15(1) of the Pension Schemes Act (which provides for increases in a person’s guaranteed minimum pension if payment of his occupational pension is postponed after he attains pensionable age) to a person who is also entitled to a Category A or Category B retirement pension (including sums payable by virtue of section 17(2) and (3) of that Act), shall be increased by—
a
3.6 per cent. of their amount apart from this Order where the increase under section 15(1) is attributable to earnings factors for the tax year 1987–88 and earlier tax years21; and
b
0.6 per cent. of their amount apart from this Order where the increase under section 15(1) is attributable to earnings factors for the tax years 1988–89 to 1996–97 inclusive.