C1C2C3C4C5Part IIIF3F2Schemes that were contracted-out etc and Effects on Members’ State Scheme Rights ...
Words in Pt. 3 heading substituted (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 3(a)
Pt. III power to modify conferred by Social Security Administration Act 1992 (c. 5), s. 148 (as read with Pensions Act 1995 (c. 26), ss. 128(3)(4), 180(2) (with s. 128(5)(6)); Child Support, Pensions and Social Security Act 2000 (c. 19), ss. 33(2)-(4), 86(1)(b)(2))
Pt. III: power to modify conferred (1.6.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 149(1), 180(1); S.I. 1996/778, art. 2(6); S.I. 1997/664, art. 2(3), Sch. Pt. 2
Pt. III applied (with modifications) (6.4.1997) by The Occupational Pension Schemes (Mixed Benefit Contracted-out Schemes) Regulations 1996 (S.I. 1996/1977), regs. 1(1), 2(4)(a)-(f)
Pt. III: power to transfer functions conferred (1.4.1999) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), ss. 23, 28(3); S.I. 1999/527, art. 2(b), Sch. 2 (with arts. 3-6)
Chapter IF4Schemes that were contracted-out: guaranteed minimum pensions and alteration of scheme rules etc
Pt. 3 Ch. 1 heading substituted (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 4
F5Guaranteed minimum pensions
S. 13 cross-heading substituted (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 12
24AF1Conversion of guaranteed minimum pension into other benefits: introduction
F61
In this section and sections 24B to 24H—
a
F8the rules specified in sections 13(1)(a) and (b) and 17(1) are referred to as the “guaranteed minimum pension rules”,
b
F9“GMP conversion” means amendment of the scheme in relation to an earner so that it no longer contains the guaranteed minimum pension rules,
F9“GMP conversion” means—
i
the amendment of a scheme in relation to an earner who was alive immediately before the conversion date so that it no longer contains the rules specified in sections 13(1)(a) and (b) and 17(1), or
ii
the amendment of a scheme in relation to a person who, immediately before the conversion date, was the widow, widower or surviving civil partner of an earner so that it no longer contains the rules specified in section 17(1),
F10ba
“P” means—
i
in relation to a GMP conversion within paragraph (b)(i), the earner mentioned in that provision;
ii
in relation to a GMP conversion within paragraph (b)(ii), the survivor mentioned in that provision,
c
F11a “GMP-converted scheme” is a scheme which has been subject to GMP conversion,
d
“the conversion date” means the date on which that amendment takes effect,
e
f
g
“the converted scheme” means the scheme as it has effect immediately after conversion, and
h
“the trustees” in relation to a scheme means the trustees, managers or other persons responsible under the scheme for effecting amendments of it.
F72
The Secretary of State must give such guidance (if any) as he or she thinks appropriate about GMP conversion.
Words in Pt. 3 heading omitted (6.4.2016) by virtue of Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 3(b)