Section 151A | Up-rating of transitional state pensions under Pensions Act 2014 ^F1

(1)The Secretary of State must, in each tax year, review the general level of prices in Great Britain and any changes which have taken place.

(2)If on a review it appears to the Secretary of State that the general level of prices has increased during the review period, the Secretary of State must make an order specifying a percentage by which the amounts mentioned in the following provisions of the Pensions Act 2014 are to be increased—

(a)section 9;

(b)paragraph 4(3) of Schedule 2;

(c)paragraphs 5(3) and 6 of Schedule 4;

(d)paragraphs 5(3) and 6 of Schedule 9.

(3)The percentage specified in the order must not be less than the percentage by which the general level of prices has increased during the review period.

(4)This section does not require the Secretary of State to make an order if it appears to the Secretary of State that the effect of the order on the amounts referred to in subsection (2) would be inconsiderable.

(5)Subject to subsection (5A), an order under this section must be framed so as to bring the increase in question into force in the week beginning with the first Monday in the tax year following that in which the order is made.^F2

(5A)An order under this section must be framed so that any alteration to which the order relates comes into force, for the purposes of determining the amount of universal credit to which a person is entitled, on the relevant day.^F3

(5B)In subsection (5A) “relevant day”, in relation to a person, means the first day of the first universal credit assessment period in respect of the person which begins on or after the Monday of the week specified in subsection (5).^F3

(6)The Secretary of State must lay with a draft order under this section a copy of a report by the Government Actuary or the Deputy Government Actuary giving that Actuary's opinion on the likely effect on the National Insurance Fund.

(7)If a draft order under this section is combined with a draft up-rating order under section 150 or 150A, the report required by virtue of subsection (6) may be combined with that required by virtue of section 150(8) or 150A(5).

(8)For the purposes of any review under this section the Secretary of State may estimate the general level of prices in such manner as the Secretary of State thinks fit.