Pensions Increase (Annual Review) Order 2015 PENSIONS INCREASE (ANNUAL REVIEW) ORDER 2015

Transcription

1 Pensions Inrease (Annual Review) Order 2015 Index PENSIONS INCREASE (ANNUAL REVIEW) ORDER 2015 Index Artile Page 1 Title Commenement Interpretation.3 4 Pension Inrease Inrease in ertain lump sums 5 6 Redution in respet of guaranteed minimum pensions 6 Explanatory Note.. 7 SD 2015/0074 Page 1

2

3 Pensions Inrease (Annual Review) Order 2015 Artile 1 Statutory Doument No. 2015/0074 The Soial Seurity Pensions At 1975 PENSIONS INCREASE (ANNUAL REVIEW) ORDER 2015 Laid before Tynwald: 17 th Marh 2015 Coming into Operation: 6th April 2015 Under setion 150 of the Soial Seurity Administration At 1992 (an At of Parliament) 1 the Seretary of State for Work and Pensions has onduted a review and onluded that the general level of pries is greater at the end of the period under review than it was at the beginning of that period, and has laid before Parliament the draft of an up-rating order as required by that setion. The Seretary of State for Work and Pension has given a diretion under setion 151(1) of that At that the sums mentioned in setion 150(1)() of that At are to be inreased. Aordingly the Treasury makes this Order under setion 59 of the Soial Seurity Pensions At 1975 (an At of Parliament) 2 as it has effet in the Isle of Man 3. 1 Title This Order is the Pensions Inrease (Annual Review) Order Commenement This Order omes into operation on 6th April Interpretation (1) In this Order "the 1974 At" means the Pensions (Inrease) At ; "basi rate" and "derivative pension" have the meanings given by setion 11 of the 1974 At; GC 137/ SD 2015/0074 Page 3

4 Artile 2 Pensions Inrease (Annual Review) Order 2015 "an existing order" means an order made earlier than this Order made (or treated as made) under the same enabling powers as this Order and whih makes provision orresponding to that made by this Order ; "offiial pension" has the meaning given by setion 5(1) of the 1974 At; "pension authority" has the meaning given by setion 11 of the 1974 At; "qualifying ondition" has the meaning given by setion 3 of the 1974 At; "relevant injury pension", "substituted pension" and "widow's pension" have the meanings given by setion 11 of the 1974 At. (2) For the purposes of this Order the time when a pension begins is that stated in setion 7(2) of the 1974 At, and "beginning date" shall be onstrued aordingly. (3) Where for the purposes of this Order it is neessary to alulate the number of omplete months in any period, an inomplete month shall be treated as a omplete month if it onsists of at least 16 days. 4 Pensions Inrease The annual rate of an offiial pension may, if a qualifying ondition is satisfied or the pension is a derivative or substituted pension or a relevant injury pension, be inreased by the pension authority in respet of any period beginning on or after 6th April 2015 as follows (a) a pension beginning before 7th April 2014 may be inreased by 1.2 per ent of the basi rate as inreased under setion 1 of the 1974 At or under an existing Order; (b) a pension beginning on or after 7th April 2014 and before 6th April 2015 may be inreased by 1.2 per ent, multiplied by the number of omplete months in the period between the beginning date of the pension and 6th April 2015, divided by Inrease in ertain lump sums In respet of any lump sum or instalment of a lump sum whih beame payable before 6th April 2015 but on or after 7th April 2014 there may be paid an inrease of 1.2 per ent of the amount of the lump sum or instalment (as inreased under setion 1 of the 1974 At or under the existing Orders), multiplied by the number of omplete months in the period between the beginning date for the lump sum or, if later, 7th April 2014 and the date on whih it beame payable, divided by 12. Page 4 SD 2015/0074

5 Pensions Inrease (Annual Review) Order 2015 Artile 2 6 Redution in respet of guaranteed minimum pensions (1) In the ase of a person (a) (b) who is entitled to a guaranteed minimum pension on 6th April 2015, and whose entitlement to that guaranteed minimum pension arises from an employment from whih (either diretly or by virtue of the payment of a transfer redit under setion 38 of the 1975 At) entitlement to the offiial pension also arises, the amount by referene to whih any inrease in the rate of an offiial pension provided for by this Order is to be alulated shall be redued by an amount equal to the rate of the guaranteed minimum pension unless the Civil Servie Commission otherwise direts in aordane with setion 59A of the 1975 At. (2) The amount by referene to whih any inrease in the rate of a surviving spouse s or surviving ivil partner s pension provided for by this Order is to be alulated shall, where the pensioner beomes entitled on the death of the deeased spouse or ivil partner to a guaranteed minimum pension, be redued in aordane with setion 59(5ZA) of the 1975 At. In this artile "the 1975 At" means the Soial Seurity Pensions At 1975 (an At of Parliament), as it has effet in the Isle of Man. MADE 12 TH FEBRUARY 2015 W E TEARE Minister for the Treasury SD 2015/0074 Page 5

6 Artile 2 Pensions Inrease (Annual Review) Order 2015 EXPLANATORY NOTE (This note is not part of the Order) This Order is made under provisions of the Soial Seurity Pensions At 1975 (an At of Parliament applied to the Isle of Man), whih requires the Treasury to inrease publi servie pensions in line with inreases in the ost of living. For pensions whih began before 7 th April 2014 the inrease is 1.2 per ent. For pensions whih began on or after 7th April 2014 the inreases are as follows:- Pensions Beginning 7 th April 2014 to 21 st April % 22 nd April 2014 to 21 st May % 22 nd May 2014 to 21 st June % 22 nd June 2014 to 21 st July % 22 nd July 2014 to 21 st August % 22 nd August 2014 to 21 st September % 22 nd September 2014 to 21 st Otober % 22 nd Otober 2014 to 21 st November % 22 nd November 2014 to 21 st Deember % 22 nd Deember 2014 to 21 st January % 22 nd January 2015 to 21 st February % 22 nd February 2015 to 21 st Marh % Pensions Inrease Artile 5 of the Order provides for inreases on ertain deferred lump sums whih beame payable on or after 7 th April 2014 and before 6 th April Page 6 SD 2015/0074