The Guaranteed Minimum Pensions Increase Order 1993
This Order, a draft of which has been laid before and approved by a resolution of each House of Parliament, is made as a consequence of a review under section 37A(1) of the Social Security Pensions Act 1975. It specifies 3 per cent. as the percentage by which that part of any guaranteed minimum pension attributable to earnings factors for the tax year 1988—89 and subsequent years and payable by occupational pension schemes is to be increased. Under section 37A(4) the percentage to be specified is the actual percentage increase in the period under review or 3 per cent., whichever is less.