C1C2 Part IIIF3F2Schemes that were contracted-out etc. and Effects on Members’ State Scheme Rights ...
Words in Pt. 3 heading substituted (6.4.2016) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 3(a)
Pt. 3: power to modify conferred (1.6.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 146(1); S.R. 1996/91, art. 2(f); S.R. 1997/192, art. 2
Pt. 3: power to transfer functions conferred (1.4.1999) by 1999 c. 2, s. 23(1)(2)(6); S.I. 1999/527, art. 2(b), Sch. 2
Chapter IF4Schemes that were contracted-out: guaranteed minimum pensions and alteration of scheme rules etc.
Pt. 3 Ch. 1 heading substituted (6.4.2016) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 4
F5Guaranteed minimum pensions
S. 9 cross-heading substituted (6.4.2016) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 12
20AF1Conversion of guaranteed minimum pension into other benefits: introduction
F61
In this section and sections 20B to 20H—
a
the rules specified in sections 9(1)(a) and (b) and 13(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.
F72
The Department must give such guidance (if any) as it thinks appropriate about GMP conversion.
Words in Pt. 3 heading omitted (6.4.2016) by virtue of Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 3(b)