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Paragraph 11G GMPs

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

If the Section Assets are insufficient to provide in full the GMPs and benefits to be provided before GMPs in accordance with Clause 11C (Buying Annuities), the Participating Employers participating in the Section shall immediately pay to the Trustee, in the proportions decided by the Trustee, the amount specified by the Trustee as necessary to provide the GMPs and those benefits in full.

If the last Section has been wound–up, (or if the Scheme ceases earlier to be a Contracted–out Scheme) the Trustee may pay state scheme premiums under the Pensions Act to reinstate any Members and their widows for earnings related benefits in the state scheme. If the Trustee pays state scheme premiums, the benefits otherwise to be provided on termination shall be reduced as the Trustee considers appropriate, to take account of the GMPs extinguished. Any reduction in benefits shall be consistent with the Contracting–out and Preservation Laws and the requirements of the Occupational Pensions Board.