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Pension Schemes Act 1993, Section 24B is up to date with all changes known to be in force on or before 11 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section specifies the conditions referred to in sections 13(1A) and 17(1A) (for exemption from the requirement to guarantee a minimum pension).
(2)Condition 1 is that the post-conversion benefits [F2(disregarding money purchase benefits)] must be actuarially at least equivalent to the pre-conversion benefits [F2(disregarding money purchase benefits)].
(3)Condition 2 is that if [F3the earner][F3P] was entitled immediately before the conversion date to the payment of a pension under the scheme, the converted scheme does not provide for a reduction of, or have the effect of reducing, the amount of that pension immediately after conversion.
(4)Condition 3 is that the post-conversion benefits must not include money purchase benefits, apart from any money purchase benefits provided under the scheme immediately before the conversion date.
(5)[F4Condition 4 is that the converted scheme provides survivors' benefits in accordance with section 24D in such circumstances, and during such periods, as are prescribed by regulations.]
[F4Condition 4 is that, in the case of a GMP conversion within section 24A(1)(b)(i) (GMP conversion in relation to earner)—
(a)the converted scheme provides benefits to or in respect of any widow, widower or surviving civil partner of P, and
(b)such conditions as may be prescribed are met in relation to those benefits.]
(6)Condition 5 is that the procedural requirements of section 24E have been complied with.
(7)In applying these conditions to a scheme [F5in respect of an earner]—
(a)it is immaterial whether or not on the conversion date the scheme was also converted [F6in respect of other earners][F6in relation to persons other than P], and
(b)it is immaterial (except for Condition 2) whether or not on the conversion date [F7the earner][F7P] was entitled to the payment of a pension under the scheme.]
Textual Amendments
F1Ss. 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)
F2Words in s. 24B(2) inserted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(3)(a), 3(4)(a)
F3Word in s. 24B(3) substituted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(3)(b), 3(4)(a)
F4S. 24B(5) substituted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(3)(c), 3(4)(a)
F5Words in s. 24B(7) omitted (28.4.2022 for specified purposes) by virtue of Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(3)(d)(i), 3(4)(a)
F6Words in s. 24B(7)(a) substituted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(3)(d)(ii), 3(4)(a)
F7Word in s. 24B(7)(b) substituted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(3)(d)(iii), 3(4)(a)
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