Regulation 9 Revaluation of guaranteed minimum in certain cases

After regulation 45A of the principal Regulations there shall be inserted the following regulation:—

“Revaluation of guaranteed minimum in certain cases

45B

(1)

This regulation applies where a teacher—

(a)

has ceased to be employed in reckonable service, and

(b)

has acquired a right to a transfer value under regulation 72, and

(c)

has taken that right by exercising the option conferred by paragraph 13(2) of Schedule 1A to the Pensions Act^f1 in the way specified in sub-paragraph (b) of that paragraph and where his guaranteed minimum, and where appropriate that of his widow, are appropriately secured within the meaning of section 52C(4) of that Act^f2.

(2)

Where this regulation applies—

(a)

for the purposes of section 35(2) of the Pensions Act^f3 (amount of guaranteed minimum), the teacher’s earnings factors shall be determined without reference to any order that comes into force under section 21 of that Act after the relevant year in which his service was terminated, and

(b)

thereafter the weekly equivalent mentioned in section 35(2) of that Act shall be increased—

(i)

in accordance with any additional requirements for the time being prescribed for the purposes of section 45(1)(b) of that Act, or

(ii)

by the minimum rate of increase provided for in section 35(7)

of that Act, whichever provides the greater increase.

(3)

In this regulation “relevant year” and “final relevant year” have the meanings given in section 35(9) of the Pensions Act”.