Part III Certification of Pension Schemes and Effects on Members’ State Scheme Rights and Duties
Chapter I Certification
Requirements for certification of occupational pension schemes providing guaranteed minimum pensions
F124AConversion 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 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.