The following Pensions Q&A Produced in partnership with Alastair Meeks of Pinsent Masons provides comprehensive and up to date legal information covering:
The obligation to provide guaranteed minimum pensions (GMPs) is set out in sections 13(1) and 17(1) of the Pension Schemes Act 1993 (PSA 1993) (all the following section references are to that Act). Those two sections cover members’ GMPs and survivors’ GMPs respectively. Reference is made below just to members’ GMPs to avoid duplication, but the point is the same for both.
Section 13(1) provides:
‘Subject to the provisions of this Part, the scheme must—(a) provide for the earner to be entitled to a pension under the scheme if he attains pensionable age; and(b) contain a rule to the effect that the weekly rate of the pension will be not less than his guaranteed minimum (if any) under sections 14 to 16.’
‘Subject to the provisions of this Part, the scheme must—
(a) provide for the earner to be entitled to a pension under the scheme if he attains pensionable age; and
(b) contain a rule to the effect that the weekly rate of the pension will be not less than his guaranteed minimum (if any) under sections 14 to 16.’
That requirement is varied by s 13(1A) as follows:
‘But a scheme may be amended so as to omit provision of the kind specified in subsection (1)(a) and (b) if the conditions specified in section 24B are satisfied.’
So a scheme must provide a GMP unless PSA 1993, s 13(1A) is met, which requires the conditions specified in PSA 1993, s 24B to be met. Nothing in either PSA 1993, s 13(1) or 13(1A) makes special provision for schemes in w
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
A limited company that proposes to issue redeemable shares must comply with the provisions of the Companies Act 2006 (CA 2006).Why do companies issue redeemable shares?A company may wish to issue redeemable shares so that it has an alternative way to return surplus capital to shareholders without
This Practice Note considers the doctrine of forum non conveniens, also referred to as the appropriate forum or the proper place for a dispute to be determined. This doctrine is of relevance when determining whether the courts of England and Wales have jurisdiction to hear a dispute and is applied
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.