Overview of the Act
The Act has two sections:
Section 1 provides for a review of the state pension and certain other benefits by reference to inflation and for the up-rating of the state pension and those other benefits by at least inflation or 2.5%, whichever is higher. This will apply only for the tax year 2022-23.
Section 2 contains the technical provisions in the Act which cover the short title, extent and commencement.