Section 15A Reduction of guaranteed minimum in consequence of pension debit.F1C1C2C3C4C5C6C7C8C9C10C11C12C13C14
Where—
an earner has a guaranteed minimum in relation to the pension provided by a scheme, and
his right to the pension becomes subject to a pension debit,
his guaranteed minimum in relation to the scheme is, subject to subsection (2), reduced by the appropriate percentage.
Where the earner is in pensionable service under the scheme on the day on which the order or provision on which the pension debit depends takes effect, his guaranteed minimum in relation to the scheme is reduced by an amount equal to the appropriate percentage of the corresponding qualifying benefit.
For the purposes of subsection (2), the corresponding qualifying benefit is the guaranteed minimum taken for the purpose of calculating the cash equivalent by reference to which the amount of the pension debit is determined.
For the purposes of this section the appropriate percentage is—
if the order or provision on which the pension debit depends specifies the percentage value to be transferred, that percentage;
if the order or provision on which the pension debit depends specifies an amount to be transferred, the percentage which the appropriate amount for the purposes of subsection (1) of section 29 of the Welfare Reform and Pensions Act 1999 (lesser of specified amount and cash equivalent of transferor’s benefits) represents of the amount mentioned in subsection (3)(b) of that section (cash equivalent of transferor’s benefits).
Annotations
Textual amendments
- F1
S. 15A inserted (11.11.1999 for specified purposes, 1.12.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), ss. 32(3), 89(5)(a); S.I. 2000/1047, art. 2(2)(d), Sch. Pt. 4
Modifications
- C1
S. 15A applied (with effect in accordance with art. 1(2) of the amending S.S.I.) by SI 1992/129 Sch. 2 rule N6 (as inserted by The Firemens Pension Scheme (Pension Sharing on Divorce) (Scotland) Order 2001 (S.S.I. 2001/310), arts. 1(2), 3)
- C2
S. 15A applied (with effect in accordance with reg. 1(2) of the amending S.S.I.) by the National Health Service Superannuation Scheme (Scotland) Regulations 1995 (S.I. 1995/365), reg. W6 (as inserted by S.S.I. 2001/465, reg. 1(2), sch. 1 para. 3)
- C3
S. 15A modified (1.4.2015) by The Police Pensions (Consequential Provisions) Regulations 2015 (S.I. 2015/370), regs. 1(2), 6 (with reg. 5)
- C4
S. 15A modified (S.) (1.4.2015) by The Firefighters’ Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/117), regs. 1(2), 6 (with reg. 5)
- C5
S. 15A modified (1.4.2015) by The Public Service (Civil Servants and Others) Pensions (Consequential and Amendment) Regulations 2015 (S.I. 2015/372), regs. 1(2), 6 (with reg. 5)
- C6
S. 15A modified (S.) (1.4.2015) by The Teachers’ Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/146), regs. 1(2), 6 (with reg. 5)
- C7
S. 15A modified (1.4.2015) by The Judicial Pensions Regulations 2015 (S.I. 2015/182), reg. 1(4), Sch. 3 para. 4 (with regs. 148, 160, Sch. 3 para. 3)
- C8
S. 15A modified (1.4.2015) by The Firefighters’ Pension Scheme (England) (Consequential Provisions) Regulations 2015 (S.I. 2015/319), regs. 1(2), 6 (with reg. 5)
- C9
S. 15A modified (W.) (1.4.2015) by The Firefighters’ Pension Scheme (Wales) (Consequential Provisions) Regulations 2015 (S.I. 2015/848), regs. 1(2), 6 (with reg. 5)
- C10
S. 15A modified (1.4.2015) by The National Health Service Pension Scheme (Consequential Provisions) Regulations 2015 (S.I. 2015/432), regs. 1(2), 6 (with reg. 5)
- C11
S. 15A modified (1.4.2015) by The Teachers’ Pension Scheme (Consequential Provisions) Regulations 2015 (S.I. 2015/436), regs. 1(2), 6 (with reg. 5)
- C12
S. 15A modified (S.) (1.4.2015) by The National Health Service Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/145), regs. 1(2), 6 (with reg. 5)
- C13
S. 15A modified (1.4.2015) by The Armed Forces Pension (Consequential Provisions) Regulations 2015 (S.I. 2015/390), regs. 1(2), 6 (with reg. 5)
- C14
S. 15A modified (S.) (1.4.2015) by The Police Pensions (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/118), regs. 1(2), 6 (with reg. 5)
Notes on Part III
Textual amendments
- F1
Words in Pt. 3 heading omitted (6.4.2016) by virtue of Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 3(b)
- F2
Words in Pt. 3 heading substituted (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 3(a)
Modifications
- C1
Pt. III power to modify conferred by Social Security Administration Act 1992 (c. 5), s. 148 (as read with Pensions Act 1995 (c. 26), ss. 128(3)(4), 180(2) (with s. 128(5)(6)); Child Support, Pensions and Social Security Act 2000 (c. 19), ss. 33(2)-(4), 86(1)(b)(2))
- C2
Pt. III: power to modify conferred (1.6.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 149(1), 180(1); S.I. 1996/778, art. 2(6); S.I. 1997/664, art. 2(3), Sch. Pt. 2
- C3
Pt. III applied (with modifications) (6.4.1997) by The Occupational Pension Schemes (Mixed Benefit Contracted-out Schemes) Regulations 1996 (S.I. 1996/1977), regs. 1(1), 2(4)(a)-(f)
- C4
Pt. III: power to transfer functions conferred (1.4.1999) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), ss. 23, 28(3); S.I. 1999/527, art. 2(b), Sch. 2 (with arts. 3-6)
- C5
Pt. 3 modified (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 7(2); S.I. 2014/1683, art. 2
Notes on Chapter I
Textual amendments
- F1
Pt. 3 Ch. 1 heading substituted (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 4
Notes on Guaranteed minimum pensions
Textual amendments
- F1
S. 13 cross-heading substituted (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 12