14 Conversion of guaranteed minimum pensions
Pensions Act 2007 (2007 c 22) | Legislation

Part 2 Occupational and Personal Pension Schemes

Contracting-out

14  Conversion of guaranteed minimum pensions

(1)     After section 13(1) of the Pension Schemes Act 1993 (c 48) (contracted-out scheme: requirement for guaranteed minimum pension) insert—

“(1A)     But a scheme may be amended so as to omit provision of the kind specified in subsection (1)(a) and (b) if the conditions specified in section 24B are satisfied.”

(2)     After section 17(1) of that Act (minimum pension for survivors) insert—

“(1A)     But a scheme may be amended so as to omit provision of the kind specified in subsection (1) if the conditions specified in section 24B are satisfied.”

(3)     Before section 25 of that Act (before the italic cross-heading) insert—

“24A Conversion of guaranteed minimum pension into other benefits: introduction

In this section and sections 24B to 24H—

(a)     the rules specified in sections 13(1)(a) and (b) and 17(1) are referred to as the “guaranteed minimum pension rules”,

(b)     “GMP conversion” means amendment of the scheme in relation to an earner so that it no longer contains the guaranteed minimum pension rules,

(c)     a “GMP-converted scheme” is a scheme which has been subject to GMP conversion,

(d)     “the conversion date” means

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