Source: http://www.legislation.gov.uk/nisi/1999/3147/article/37
Timestamp: 2020-04-02 00:38:14
Document Index: 27450331

Matched Legal Cases: ['art. 37', 'art. 2', 'Art. 37', 'art. 2', 'Art. 37', 'art. 2', 'Art. 37', 'art. 2', 'art. 37', 'art. 2', 'Art. 37', 'art. 2']

Other pension schemesN.I.
37.—(1) The Department may by regulations make provision for a pension to which paragraph (2) applies to be increased, as a minimum, by reference to [F1relevant percentage increases] , so far as not exceeding[F2 the maximum percentage] per annum.
(2) [F2Subject to paragraph (2A), this] paragraph applies to—
(a)a pension provided to give effect to eligible pension credit rights of a member under a qualifying occupational pension scheme, F3. . .
[F2(2A) Paragraph (2) does not apply to pensions which—
(b)become pensions in payment on or after the commencement day.
[F5(2AA) In paragraph (1) “relevant percentage increases” means percentage increases estimated by the Secretary of State from time to time for the purposes of paragraph 2(3)(a) of Schedule 3 to the Pension Schemes Act 1993 for revaluation periods of 12 months.]
(2B) For the purposes of paragraph (1) the “maximum percentage” means—
(a)5 per cent. in a case where—
(b)2.5 per cent. in a case where the entitlement to the relevant pension credit arises on or after the commencement day.]
[F2“commencement day” means the day appointed for the coming into operation of Article 257 of the Pensions (Northern Ireland) Order 2005 (amendments to Article 37);]
[F2“money purchase benefit” has the meaning given by section 176(1) of the Pension Schemes Act;]
[F2“relevant pension credit” means the pension credit to which the eligible pension credit rights F6. . . are (directly or indirectly) attributable;]
F1Words in art. 37(1) substituted (7.6.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), ss. 20(10), 34(3); S.R. 2012/233, art. 2(2)(e)
F22005 NI 1
F3Art. 37(2)(b) and preceding word repealed (6.4.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 116, 118(1), Sch. 10 Pt. 2; S.R. 2009/22, art. 2(2)(d)
F4Art. 37(2)(b) and preceding word repealed (6.4.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 116, 118(1), Sch. 10 Pt. 2; S.R. 2009/22, art. 2(2)(d)
F5Art. 37(2AA) inserted (7.6.2012) by Pensions Act (Northern Ireland) 2012 (c. 3), ss. 20(11), 34(3); S.R. 2012/233, art. 2(2)(e)
F6Words in art. 37(3) in definition of "relevant pension credit" repealed (6.4.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 116, 118(1), Sch. 10 Pt. 2; S.R. 2009/22, art. 2(2)(d)
F7Art. 37(3): definition of "safeguarded rights" repealed (6.4.2009) by Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13), ss. 116, 118(1), Sch. 10 Pt. 2; S.R. 2009/22, art. 2(2)(d)