Pension Schemes Act 1993

[F1 24A Conversion of guaranteed minimum pension into other benefits: introduction E+W+S

[F2 (1)] In this section and sections 24B to 24H—

(a) [F3 the rules specified in sections 13(1)(a) and (b) and 17(1) are referred to as the “guaranteed minimum pension rules”,]

(b) [F4 “GMP conversion” means amendment of the scheme in relation to an earner so that it no longer contains the guaranteed minimum pension rules,]

[F4 “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),]

[F5 (ba) “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) [F6 a “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) “the pre-conversion benefits” means the benefits provided under the scheme [F7 in relation to P] immediately before the conversion date [F8 (disregarding money purchase benefits)],

(f) “the post-conversion benefits” means the benefits which are provided under the converted scheme [F9 in relation to P] [F10 (disregarding money purchase benefits)],

(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.

[F11 (2) The Secretary of State must give such guidance (if any) as he or she thinks appropriate about GMP conversion.]]

Textual Amendments

F1 Ss. 24A-24H inserted (1.3.2009 for specified purposes, 6.4.2009 in so far as not already in force) by Pensions Act 2007 (c. 22), ss. 14(3), 30(2)(a); S.I. 2009/406, art. 2(a)(b)

F2 S. 24A renumbered (6.4.2016) as s. 24A(1) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 20(a)

F3 S. 24A(1)(a) omitted (28.4.2022 for specified purposes) by virtue of Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(2)(a), 3(4)(a)

F4 S. 24A(1)(b) substituted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(2)(b), 3(4)(a)

F5 S. 24A(1)(ba) inserted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(2)(c), 3(4)(a)

F6 S. 24A(1)(c) omitted (28.4.2022 for specified purposes) by virtue of Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(2)(d), 3(4)(a)

F7 Words in s. 24A(1)(e) inserted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(2)(e)(i), 3(4)(a)

F8 Words in s. 24A(1)(e) omitted (28.4.2022 for specified purposes) by virtue of Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(2)(e)(ii), 3(4)(a)

F9 Words in s. 24A(1)(f) inserted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(2)(e)(i), 3(4)(a)

F10 Words in s. 24A(1)(f) omitted (28.4.2022 for specified purposes) by virtue of Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(2)(e)(ii), 3(4)(a)

F11 S. 24A(2) inserted (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 20(b)