Part III E+W+SF1 [F2 Schemes that were contracted-out etc] and Effects on Members’ State Scheme Rights ...

Textual Amendments

F1 Words in Pt. 3 heading omitted (6.4.2016) by virtue of Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 3(b)

F2 Words in Pt. 3 heading substituted (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 3(a)

Modifications etc. (not altering text)

C1 Pt. III power to modify conferred by Social Security Administration Act 1992 (c. 5), s. 148 (as read with Pensions Act 1995 (c. 26), ss. 128(3)(4), 180(2) (with s. 128(5)(6)); Child Support, Pensions and Social Security Act 2000 (c. 19), ss. 33(2)-(4), 86(1)(b)(2))

C2 Pt. III: power to modify conferred (1.6.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 149(1), 180(1); S.I. 1996/778, art. 2(6); S.I. 1997/664, art. 2(3), Sch. Pt. 2

C3 Pt. III applied (with modifications) (6.4.1997) by The Occupational Pension Schemes (Mixed Benefit Contracted-out Schemes) Regulations 1996 (S.I. 1996/1977), regs. 1(1), 2(4)(a)-(f)

C4 Pt. III: power to transfer functions conferred (1.4.1999) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), ss. 23, 28(3); S.I. 1999/527, art. 2(b), Sch. 2 (with arts. 3-6)

C5 Pt. 3 modified (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 7(2); S.I. 2014/1683, art. 2

Chapter I E+W+S [F3 Schemes that were contracted-out: guaranteed minimum pensions and alteration of scheme rules etc]

Textual Amendments

F3 Pt. 3 Ch. 1 heading substituted (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 4

[F4 Guaranteed minimum pensions] E+W+S

Textual Amendments

F4 S. 13 cross-heading substituted (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 12

[F5 24EProcedural requirements E+W+S

(1) This section specifies the procedural requirements that must be complied with in order to satisfy Condition 5 of section 24B.

(2) [F6 The employer][F6 Each relevant person (if any)] in relation to the scheme must consent to the GMP conversion in advance.

[F7 (2A) For the purposes of subsection (2) a person is “relevant” in relation to a scheme if such conditions as may be prescribed are met in relation to the person and the scheme.]

(3) The trustees must take all reasonable steps to—

(a) consult [F8 the earner][F8 P] in advance, and

(b) notify all members, and survivors, affected by the GMP conversion before, or as soon as is reasonably practicable after, the conversion date.

(4) [F9 The Commissioners for Her Majesty's Revenue and Customs must be notified on or before the conversion date—

(a) that the GMP conversion will occur or has occurred, and

(b) that it affects the earner.]]

Textual Amendments

F5 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)

F6 Words in s. 24E(2) substituted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(5)(a), 3(4)(a)

F7 S. 24E(2A) inserted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(5)(b), 3(4)(a)

F8 Word in s. 24E(3)(a) substituted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(5)(c), 3(4)(a)

F9 S. 24E(4) omitted (28.4.2022 for specified purposes) by virtue of Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(5)(d), 3(4)(a)