Regulation 223 Guaranteed minimum pension

The weekly rate of any relevant pension payable to a person who has a guaranteed minimum (P) and who reaches GMP age must not be less than the person's guaranteed minimum under sections 10 to 12 of the Pension Schemes Act M1.

Where no relevant pension becomes payable to P within 5 years after P reaches GMP age, a guaranteed minimum pension, the weekly rate of which is P's guaranteed minimum under sections 10 to 12 of the Pension Schemes Act, is payable to P.

Paragraph (2) does not apply—

This paragraph applies where—

Where paragraph (4) applies, a guaranteed minimum pension, the weekly rate of which is the person's guaranteed minimum under sections 10 to 12 of the Pension Schemes Act, is payable to P for life from the date on which P reaches GMP age.

Where P dies leaving a widow, widower or civil partner the pension payable to the widow, widower or civil partner under Part 6 (survivor's benefits) must be paid, for any period required by or under section 13 of the Pension Schemes Act M2, at a weekly rate which is not to be less than the widow's, widower's or civil partner's guaranteed minimum (as set out in that section).

In this regulation—

• “accrued rights to guaranteed minimum pensions” is to be construed in accordance with section 16 of the Pension Schemes Act M3;

• “contracted-out employment” has the meanings given in sections 4(1) and (1A) of the Pension Schemes Act;

• “relevant pension” means a phased retirement pension or retirement pension which becomes payable in respect of contracted-out employment before 6th April 1997.

In this regulation the question whether a person has a guaranteed minimum is to be determined in accordance with section 10 of the Pension Schemes Act.

This regulation overrides any inconsistent provision elsewhere in these Regulations, save that it is subject to—