455. Calculation of guaranteed minimum pensions preserved under approved arrangements.

455.     Calculation of guaranteed minimum pensions preserved under approved arrangements.

The statutory provisions relating to the revaluation of earnings factors in order to arrive at an earner's guaranteed minimum pension1 are modified, except in prescribed circumstances2, where:

  1.  

    (1)     an earner's guaranteed minimum pension rights or accrued rights to guaranteed minimum pensions3 under a scheme satisfy prescribed conditions4; and

  2.  

    (2)     one or more of the five tax years5 ending with the tax year in which the scheme ceases to be contracted-out6 is a relevant year7 in relation to