The National Health Service Pension Scheme Regulations 1995

Guaranteed minimum pensions transferred to the scheme

K5.—(1) Where a guaranteed minimum pension has been transferred to the scheme and the member subsequently leaves contracted–out employment under the scheme, the guaranteed minimum pension transferred to the scheme will be increased for each complete tax year after the date on which the member left contracted–out employment under the scheme in which the transferred guaranteed minimum pension accrued, until the member reaches State pension age or dies (if earlier).

(2) If the transfer is from another occupational pension scheme, the guaranteed minimum pension will be increased by the appropriate percentage specified in relation to each relevant year in the last order under section 148 of the Social Security Administration Act 1992 (revaluation of earnings factors) to come into force before the tax year in which the member reaches State pension age or dies (if earlier).

(3) If the transfer is from a buy–out policy, the guaranteed minimum pension will be increased by the same method as was in use under the policy or, if the Secretary of State so determines, by the appropriate percentage specified in relation to each relevant year in the last order under section 148 of the Social Security Administration Act 1992 (revaluation of earnings factors) to come into force before the tax year in which the member reaches State pension age or dies (if earlier).