Regulation E2 Revaluation of guaranteed minimum in certain cases

(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 F1; 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 head (b) of that sub-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 (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 ” has the meaning given in section 35(9) of the Pensions Act.

Annotations

Footnotes

f1: Schedule 1A was inserted by the Social Security Act 1985 (c. 53), Schedule 1, paragraph 3 and amended by the Social Security Act 1986, Schedule 10, paragraphs 29 and 30.
f2: Section 52C was inserted by the Social Security Act 1985, Schedule 1, paragraph 2, and amended by the Social Security Act 1986, Schedule 10, paragraph 26.