Regulation 13 Revaluation of guaranteed minimum in certain cases

The principal Regulations are amended by inserting in Part J after regulation J14 the following:

“Revaluation of guaranteed minimum in certain cases

J15

(1)

This regulation applies where a person has ceased to be a pensionable employee and the guaranteed minimum in relation to his pension is appropriately secured within the meaning of section 52C(4) of the Pensions Act^f1.

(2)

The earnings factors of such a person shall be determined for the purposes of section 35(2) of the Pensions Act by reference to the last Order under section 21 of that Act to come into force before the end of the tax year in which he ceased to be a pensionable employee and without reference to the last such Order to come into force before the end of the final relevant year.

(3)

The weekly equivalent mentioned in section 35(2) of the Pensions Act is to be increased in accordance with any additional requirements for the time being prescribed for the purposes of section 45(1)(b) (exclusion from liability to pay a limited revaluation premium) of that Act.

(4)

In this regulation“relevant year” has the meaning given in section 35(9) of the Pensions Act.”.