461. Annual increase of guaranteed minimum pensions.

The Secretary of State1 must in each tax year2 review the general level of prices in Great Britain for the period of 12 months commencing at the end of the period last reviewed under this provision3.

Where it appears to the Secretary of State that that level has increased at the end of the period under review, he must lay before Parliament the draft of an order specifying a percentage by which there is to be an increase of the rate of that part of guaranteed minimum pensions4 which is attributable to earnings factors5 for the tax years in the

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