The Teachers' Pensions Regulations 2010

Guaranteed minimum pensions E+W+S

120.—(1) Where a person who has a guaranteed minimum reaches GMP age, the weekly rate of any relevant pension must not be less than the person's guaranteed minimum under sections 14 to 16 of PSA 1993.

(2) Where no relevant pension becomes payable to a person who has a guaranteed minimum (P) within 5 years after P reaches GMP age, a guaranteed minimum pension, the weekly rate of which is P's guaranteed minimum under sections 14 to 16 of PSA 1993, is payable to P.

(3) Paragraph (2) does not apply—

(a) while P consents to the application of that paragraph being postponed,

(b) from the date on which a relevant pension becomes payable, or

(c) where paragraph (4) applies.

(4) This paragraph applies where—

(a) a person (P) who has a guaranteed minimum exercises P's right to a cash equivalent,

(b) the pension scheme into which P's rights to benefits under these Regulations are transferred does not accept a transfer of P's accrued rights to guaranteed minimum pensions,

(c) P's accrued rights to a guaranteed minimum pension are not transferred elsewhere.

(5) Where paragraph (4) applies, a guaranteed minimum pension, the weekly rate of which is the person's guaranteed minimum under sections 14 to 16 of PSA 1993, is payable to P for life from the date on which P reaches GMP age.

(6) Where a person who has a guaranteed minimum dies leaving a widow, widower or civil partner the pension payable to the widow, widower or civil partner under Part 9 (family benefits) must be paid for any period required by or under section 17 of PSA 1993 at a weekly rate which is no be less than the widow's, widower's or civil partner's guaranteed minimum (as set out in that section).

(7) In this regulation—

• “accrued rights to guaranteed minimum pensions” are to be construed in accordance with section 20 of PSA 1993;

• “relevant pension” means a phased retirement pension or retirement pension which becomes payable in respect of contracted-out employment before 6th April 1997.

(8) In this regulation the question whether a person has a guaranteed minimum is to be determined in accordance with section 14 of PSA 1993.

(9) This regulation overrides any inconsistent provision elsewhere in these Regulations.

(10) But this regulation is subject to—

(a) regulation 64 (abatement of retirement pension during further employment);

(b) regulation 118 (commutation: serious ill-health);

(c) regulation 119 (commutation: small pensions);

(d) regulation 121 (forfeiture of benefits).