PART 2SOCIAL SECURITY BENEFITS AND PENSIONS
Rates or amounts of certain pensions and allowances under the Contributions and Benefits Act 4
1
The sums falling to be calculated under paragraph 13(4) of Schedule 7 to the Contributions and Benefits Act (calculation of weekly rate of a beneficiary’s retirement allowance) shall be increased by 10.1 per cent.
2
In section 44(4) of the Contributions and Benefits Act23 (basic pension of Category A retirement pension)—
a
for “£113.45” substitute “£124.90”
; and
b
for “£141.85” substitute “£156.20”
.
3
It is directed that the sums which are—
a
the additional pensions in long-term benefits calculated by reference to any final relevant year earlier than the tax year 2022-2023;
b
the increases in the rates of retirement pensions under Schedule 5 to the Contributions and Benefits Act24 (pension increase or lump sum where entitlement to retirement pension is deferred); lump sums to which surviving spouses or civil partners will become entitled under paragraph 7A of that Schedule25 on becoming entitled to a Category A or Category B retirement pension (entitlement to lump sum where pensioner’s deceased spouse or civil partner has deferred entitlement); and
c
shall in each case be increased by 10.1 per cent.