603. Guaranteed minimum pensions.

603.     Guaranteed minimum pensions.

The Board of the Pension Protection Fund1 must notify the Commissioners for Revenue and Customs where, by reason of it assuming responsibility for an eligible scheme2, the trustees or managers3 of the scheme are discharged from their liability to provide a guaranteed minimum pension (within the meaning of the Pension Schemes Act 19934) to or in respect of a member5 of the scheme6.