Regulation H5 Revaluation of guaranteed minimum in certain cases
This regulation applies where a person has ceased to be in pensionable employment and has taken a right to a cash equivalent by requiring the Secretary of State to use the cash equivalent wholly or partly in the way specified in section 95(2)(c) of the 1993 Act (purchase of annuity).
Where this regulation applies, to the extent that the person’s guaranteed minimum is otherwise appropriately secured within the meaning of section 19(3) of the 1993 Act—
for the purposes of section 14(2) of that Act (amount of guaranteed minimum) the person’s earnings factors shall be determined by reference to the last order under section 21 of the Social Security Pensions Act 1975f1 or section 148 of the Social Security Administration Act 1992f2 to come into force before the end of the tax year in which his service was terminated and without reference to the last such order to come into force before the end of the final relevant year, and
the weekly equivalent mentioned in section 14(2) of the 1993 Act shall be increased in accordance with any additional requirements for the time being prescribed for the purposes of section 55(5) of that Act (exclusion from liability to pay a limited revaluation premium).
In this regulation “final relevant year” has the meaning given in section 16(5) of the 1993 Act.
Annotations
Footnotes
- f1
- f2