Pension Schemes Act 1993

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

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 the date on which that amendment takes effect,

(e) “the pre-conversion benefits” means the benefits provided under the scheme immediately before the conversion date (disregarding money purchase benefits),

(f) “the post-conversion benefits” means the benefits which are provided under the converted scheme (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.]

Textual Amendments

F1 Ss. 24A-24H inserted (1.3.2009 for specified purposes) by Pensions Act 2007 (c. 22), ss. 14(3), 30(2)(a); S.I. 2009/406, art. 2(a)