442. Conversion of guaranteed minimum pensions.

Statutory provision is made with respect to the conversion of guaranteed minimum pensions into other benefits1. The conditions for exemption from the requirement to guarantee a minimum pension2 are as follows3.

Condition 1 is that the post-conversion benefits4 must be actuarially at least equivalent to the pre-conversion benefits5.

Condition 2 is that if the earner was entitled immediately before the conversion date to the payment of a pension under the scheme, the converted scheme does not provide for a reduction of, or have the effect of reducing, the amount of that pension immediately after conversion6.

Condition 3 is that the post-conversion benefits