# Pension Schemes Act 1993, Section 15A: Reduction of guaranteed minimum in consequence of pension debit.


(1) Where—
(a) an earner has a guaranteed minimum in relation to the pension provided by a scheme, and
(b) 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.
(2) 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.
(3) 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.
(4) For the purposes of this section the appropriate percentage is—
(a) if the order or provision on which the pension debit depends specifies the percentage value to be transferred, that percentage;
(b) 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).

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Source: https://www.legislation.gov.uk/ukpga/1993/48/section/15A (the official version)
Page: https://openlegislation.uk/pension-schemes-act-1993/section-15A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.