Section 24E Procedural requirementsF1

(1)

This section specifies the procedural requirements that must be complied with in order to satisfy Condition 5 of section 24B.

(2)

~~F2The employer~~Each relevant person (if any) in relation to the scheme must consent to the GMP conversion in advance.

(F32A)

For the purposes of subsection (2) a person is “relevant” in relation to a scheme if such conditions as may be prescribed are met in relation to the person and the scheme.

(3)

The trustees must take all reasonable steps to—

(a)

consult ~~F4the earner~~P in advance, and

(b)

notify all members, and survivors, affected by the GMP conversion before, or as soon as is reasonably practicable after, the conversion date.

(4)

~~F5The Commissioners for Her Majesty's Revenue and Customs must be notified on or before the conversion date—~~

(a)

~~that the GMP conversion will occur or has occurred, and~~

(b)

~~that it affects the earner.~~

Annotations

Textual amendments

F1: Ss. 24A-24H inserted (1.3.2009 for specified purposes, 6.4.2009 in so far as not already in force) by Pensions Act 2007 (c. 22), ss. 14(3), 30(2)(a); S.I. 2009/406, art. 2(a)(b)
F2: Words in s. 24E(2) substituted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(5)(a), 3(4)(a)
F3: S. 24E(2A) inserted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(5)(b), 3(4)(a)
F4: Word in s. 24E(3)(a) substituted (28.4.2022 for specified purposes) by Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(5)(c), 3(4)(a)
F5: S. 24E(4) omitted (28.4.2022 for specified purposes) by virtue of Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (c. 33), ss. 1(5)(d), 3(4)(a)

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