Welfare Reform and Pensions Act 1999

40 Other pension schemes

(1) The Secretary of State may by regulations make provision for a pension to which subsection (2) applies to be increased, as a minimum, by reference to increases in the retail prices index, so far as not exceeding 5% per annum.

(2) This subsection applies to—

(a) a pension provided to give effect to eligible pension credit rights of a member under a qualifying occupational pension scheme, and

(b) a pension provided to give effect to safeguarded rights of a member under a personal pension scheme.

(3) In this section—

• “eligible”, in relation to pension credit rights, means of a description prescribed by regulations made by the Secretary of State;

• “pension credit rights”, in relation to an occupational pension scheme, means rights to future benefits under the scheme which are attributable (directly or indirectly) to a credit under section 29(1)(b) or under corresponding Northern Ireland legislation;

• “qualifying occupational pension scheme” means an occupational pension scheme which is not a public service pension scheme;

• “safeguarded rights” has the meaning given in section 68A of the [1993 c. 48.] Pension Schemes Act 1993.