PART 2SOCIAL SECURITY BENEFITS AND PENSIONS

Increase in rates or amount of certain benefits under the Pension Schemes Act5

1

It is directed36 that the sums specified in paragraph (2) shall be increased from and including the respective dates specified in article 7.

2

Sums which are payable by virtue of section 15(1) of the Pension Schemes Act (increase of guaranteed minimum where commencement of guaranteed minimum pension postponed) to a person who is also entitled to a Category A or Category B retirement pension (including sums payable by virtue of section 17(2)37 and (3) of that Act) shall be increased by—

a

3.1 per cent where the increase under section 15(1) is attributable to earnings factors for the tax year 1987-88 and earlier tax years38; and

b

0.1 per cent where the increase under section 15(1) is attributable to earnings factors for the tax years 1988-89 to 1996-97 inclusive.