432. Earner's guaranteed minimum.

An earner1 has a guaranteed minimum in relation to the pension provided by a scheme that was a salary related contracted-out scheme2 if in any tax week3 in a relevant year4, earnings were paid to or for the earner's benefit in respect of employment5 which was contracted-out by reference to the scheme and those earnings were in excess of the lower earnings limit6 for that tax week (or the prescribed equivalent if the earner was paid otherwise than weekly)7. The guaranteed minimum must be the weekly equivalent8 of an amount equal to the appropriate percentage9 of the total of