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The Guaranteed Minimum Pensions Increase Order 2023

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Statutory Instruments

2023 No. 270

Pensions

The Guaranteed Minimum Pensions Increase Order 2023

Made

6th March 2023

Coming into force

6th April 2023

The Secretary of State has reviewed the general level of prices in Great Britain for the period of 12 months commencing on 1st October 2021 as required by section 109(1) of the Pension Schemes Act 1993(1), and it appears to the Secretary of State that the general level of prices was greater by 10.1 per cent. at the end of that period than it was at the beginning of that period.

A draft of this Order was laid before Parliament in accordance with section 109(2) of that Act(2) and approved by a resolution of each House of Parliament.

Accordingly, the Secretary of State makes this Order in exercise of the power conferred by section 109(4) of that Act.

(2)

Section 109(2) was amended by section 55(a) of the Pensions Act 1995 (c. 26) and S.I. 2005/2050.

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