http://www.legislation.gov.uk/uksi/2011/826/contents/made
The Pensions Increase (Modification) Regulations 2011
Pensions
Occupational pensions
en
King's Printer of Acts of Parliament
2015-07-06
PENSIONS
Under section 59 of the Social Security Pensions Act 1975 as amended, and as modified by section 59A of that Act, the Treasury (in whom the functions conferred by those provisions are now vested) are required to provide by order for the increase in the rates of public service pensions. Under section 59(7) of the 1975 Act, section 59 of that Act has effect as if it were contained in the Pensions (Increase) Act 1971. Section 9(1) of the 1971 Act provides that references in the Act to a pension shall apply in relation to any allowance, benefit or compensation whether it takes the form of periodical payments or of a gratuity or other lump sum; and section 9(2)(c) provides that references to the “rate” of pension shall have effect as references also to the amount of a lump sum benefit. The increase is the percentage by which the Secretary of State for Work and Pensions has, by direction given under the provisions of section 151(1) of the Social Security Administration Act 1992, increased the sums referred to in section 150(1)(c) of that Act. These are the sums which are the additional pensions in long term benefits, namely the additional pension entitlements accruing to employees in respect of earnings after 5th April 1978.