Guaranteed minimum pensions
F7. Notwithstanding any provision of these Regulations to the contrary, any person entitled to receive a pension under regulation F1 or regulation F3 (including an early retirement pension or an ill-health pension by virtue of Part H or Part J)—
(a)shall be entitled to receive, subject to the provisions of regulation F8(3), from the age of sixty-five years in the case of a man and from the age of sixty years in the case of a woman, a pension payable for the remainder of his or her life, at a rate equivalent to a weekly rate of not less than the guaranteed minimum pension, unless his or her rights thereto are extinguished by payment of a contributions equivalent premium under section 42 of the Pensions Act 1975 (1); and
(b)if the payment of the guaranteed minimum pension of that person is postponed in the circumstances to which section 33(3) of the Pensions Act 1975 applies, the guaranteed minimum pension of that person shall be increased to the extent, if any, specified in section 35(6) of the Pensions Act 1975 (2).
Section 42 was amended by the Social Security Act 1985 (c. 53), Schedule 5, paragraph 25(1) and by the Social Security Act 1986 (c. 50), Schedule 2, paragraph 6(1) and Schedule 10, paragraph 21.
Section 35(6) was amended by the Social Security (Miscellaneous Provisions) Act 1977 (c. 5), section 3(2) and subsections (6A) and (6B) were inserted by the Social Security Act 1986 (c. 50), section 9(2), which also by section 9(7) substituted a new section 37A.