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The Guaranteed Minimum Pensions Increase Order (Northern Ireland) 2005

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Statutory Rules of Northern Ireland

2005 No. 81

PENSIONS

The Guaranteed Minimum Pensions Increase Order (Northern Ireland) 2005

Made

10th March 2005

Coming into operation

6th April 2005

Whereas the Secretary of State for Work and Pensions has made an Order(1) under section 109(4) of the Pension Schemes Act 1993(2):

Now, therefore, the Department for Social Development, in exercise of the powers conferred by section 105 of the Pension Schemes (Northern Ireland) Act 1993(3), and now vested in it(4), and of all other powers enabling it in that behalf, hereby makes the following Order:

Citation, commencement and interpretation

1.—(1) This Order may be cited as the Guaranteed Minimum Pensions Increase Order (Northern Ireland) 2005 and shall come into operation on 6th April 2005.

(2) In this Order “relevant period” has the same meaning as in section 109(3A) of the Pension Schemes Act 1993(5).

(3) The Interpretation Act (Northern Ireland) 1954(6) shall apply to this Order as it applies to an Act of the Assembly.

Increase of guaranteed minimum pensions

2.  For the purposes of section 105(1) of the Pension Schemes (Northern Ireland) Act 1993 the percentage by which there is to be an increase in the rate of that part of any guaranteed minimum pension which is attributable to earnings factors for the tax years in the relevant period shall be 3 per cent.

Sealed with the Official Seal of the Department for Social Development on 10th March 2005.

L.S.

John O'Neill

A senior officer of the

Department for Social Development

Explanatory Note

(This note is not part of the Order.)

This Order, which corresponds to an Order (S.I. 2005/521) made by the Secretary of State for Work and Pensions under section 109(4) of the Pension Schemes Act 1993, specifies 3 per cent. as the percentage by which that part of any guaranteed minimum pension attributable to earnings factors for the tax years 1988-1989 to 1996-1997 and payable by contracted-out, defined benefit occupational pension schemes is to be increased.

This Order does not impose a charge on business.

(1)

S.I. 2005/521

(3)

1993 c. 49; section 105(1) was amended by Article 55 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))

(4)

See Article 8(b) of S.R. 1999 No. 481

(5)

Section 109(3A) was inserted by section 55(b) of the Pensions Act 1995 (c. 26)

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