The Up-rating of Basic Pension etc. (Designated Tax Year) Order 2010

Statutory Instruments

2010 No. 2650

Social Security

The Up-rating of Basic Pension etc. (Designated Tax Year) Order 2010

Made

26th October 2010

The Secretary of State makes the following Order in exercise of the power conferred by section 5(4) of the Pensions Act 2007(1).

Citation

1.  This Order may be cited as the Up-rating of Basic Pension etc. (Designated Tax Year) Order 2010.

Designated tax year

2.  The designated tax year for the purposes of subsection (3) of section 5 (up-rating of basic pension etc. and standard minimum guarantee by reference to earnings) of the Pensions Act 2007 is the tax year 2010-11.

Signed by authority of the Secretary of State for Work and Pensions.

Steve Webb

Minister of State

Department for Work and Pensions

26th October 2010

EXPLANATORY NOTE

(This note is not part of the Order)

This Order provides that the designated tax year for the purposes of section 5 (up-rating of basic pension etc. and standard minimum guarantee by reference to earnings) of the Pensions Act 2007 (c. 22) is the tax year 2010-11.

Accordingly, the tax year 2010-11 is the first tax year in which the Secretary of State will carry out a review of the following amounts, in order to determine whether they have retained their value in relation to the general level of earnings obtaining in Great Britain:

• the amount of the basic state pension;

• in the case of Category B, C or D retirement pensions, the amounts specified in paragraph 5 of Part 1 and in paragraphs 6 and 7 of Part 3 of Schedule 4 to the Social Security Contributions and Benefits Act 1992 (c. 4);

• in the case of industrial death benefit, the amounts specified in paragraph 10 of Part 5 of that Schedule (apart from the amount of the initial rate) and the amount specified in paragraph 11 of that Part of that Schedule.

A full impact assessment has not been produced for this instrument as it has no impact on the private or voluntary sectors.

(1)

2007 c. 22.