Statutory Instruments
2024 No. 243
PENSIONS
The Guaranteed Minimum Pensions Increase Order 2024
Made
1st March 2024
Coming into force
6th April 2024
The Secretary of State has reviewed the general level of prices in Great Britain for the period of 12 months commencing on 1st October 2022 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 6.7 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.
Citation, commencement and extent
1. —(1) This Order may be cited as the Guaranteed Minimum Pensions Increase Order 2024 and comes into force on 6th April 2024.
(2) This Order extends to England and Wales and Scotland.
Increase of guaranteed minimum pensions
2. For the purposes of section 109(2) and (3) of the Pension Schemes Act 1993, the percentage by which there is to be an increase of the rate of that part of guaranteed minimum pensions which is attributable to earnings factors for the tax years in the relevant period( 3 ) is 3 per cent.
Signed by authority of the Secretary of State for Work and Pensions
Jo Churchill
Minister of State
Department for Work and Pensions
1st March 2024
Section 109(2) was amended by section 55(a) of the Pensions Act 1995 (c. 26) and S.I. 2005/2050 .
For the meaning of “relevant period”, see section 109(3A) of the Pension Schemes Act 1993 which was inserted by section 55(b) of the Pensions Act 1995 and amended by paragraph 40 of Schedule 13 to the Pensions Act 2014 (c. 19) .