On Mar. 10, 2025, UK GVT issued guaranteed minimum pensions increase order 2025 (StIn 2025/264) which comes into comes into force on Apr. 6, 2025.
Specifies 1.7% as the percentage by which that part of guaranteed minimum pensions attributable to earnings factors for the tax years 1988–89 to 1996–97 and payable by contracted-out, defined benefit occupational pension schemes is to be increased.
On Mar. 5, UK GVT issued guaranteed minimum pension order 2024.
UK GVT issued Guaranteed minimum pensions increase order 2024 (StIn 2024/243).
Follows UK GVT Mar. 2023 issued guaranteed minimum pension order, see #165713.
2024 Order
This order specifies 3% as the percentage by which that part of guaranteed minimum pensions attributable to earnings factors for the tax years 1988-89 to 1996-97.
These are payable by contracted-out, defined benefit occupational pension schemes.
Under s.109(3) of Pension schemes act 1993 (c. 48) percentage specified is the increase in general level of prices in the period under review or 3%, whichever is less.
Effectiveness
This order comes into effect on Apr. 6, 2024.
Mar. 2025 Order Issued re 2025
On Mar. 10, 2025, UK GVT issued guaranteed minimum pensions increase order 2025 (StIn 2025/264) which comes into comes into force on Apr. 6, 2025.
Specifies 1.7% as the percentage by which that part of guaranteed minimum pensions attributable to earnings factors for the tax years 1988–89 to 1996–97 and payable by contracted-out, defined benefit occupational pension schemes is to be increased.
