PART 11Miscellaneous and supplemental
Guaranteed minimum pension213
1
The weekly rate of any relevant pension payable to a person who has a guaranteed minimum P and who reaches GMP age must not be less than the person’s guaranteed minimum under sections 14 to 16 of PSA 199337.
2
Where no relevant pension becomes payable to P within 5 years and 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
P has a guaranteed minimum and 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 a guaranteed minimum pension; and
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 P dies leaving a widow, widower or civil partner, the pension payable to the widow, widower or civil partner under Part 6 must be paid, for any period required by or under section 17 of PSA 199338, at a weekly rate which is not to 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 pension” is to be construed in accordance with section 20 of PSA 1993;
“contracted-out employment” has the meanings given in section 8(1) and (1A) of PSA 199339;
“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, save that it is subject to—
a
regulation 165;
b
regulation 168;
c
regulation 175.