5 Up-rating of basic pension etc and standard minimum guarantee by reference to earnings
Pensions Act 2007 (2007 c 22) | Legislation

Up-rating of basic state pension and other benefits

5  Up-rating of basic pension etc and standard minimum guarantee by reference to earnings

(1)     After section 150 of the Administration Act insert–

“150A Annual up-rating of basic pension etc and standard minimum guarantee

(1)     The Secretary of State shall in each tax year review 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–

(a)     the amount of the basic pension;

(b)     the specified amounts in the case of Category B, C or D retirement pensions;

(c)     the specified amounts in the case of industrial death benefit; and

(d)     the amounts of the standard minimum guarantee for the time being prescribed under section 2(4) and (5)(a) and (b) of the State Pension Credit Act 2002.

(2)     Where it appears to the Secretary of State that the general level of earnings is greater at the end of the period under review than it was at the beginning of that period, he shall lay before Parliament the draft of an order which increases each of the amounts referred to in subsection (1) above by a percentage

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