Home / Pensions / Members and benefits / Pension benefits

Legal News

Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022—key aspects and implications

Copyright © 2025 LexisNexis

Published on: 16 June 2022

Published by a LexisNexis Pensions expert

Table of contents

What is the background to PS(CGMP)A 2022?
What are the key provisions of PS(CGMP)A 2022?
Are there any remaining issues left to be resolved following passage of PS(CGMP)A 2022? What happens next?
What are the implications for pension schemes? What actions should they be taking?

Article summary

Pensions analysis: The Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 (PS(CGMP)A 2022) received Royal Assent on 28 April 2022, having started life as a Private Members’ Bill, introduced by Margaret Ferrier MP. Unusually for a Private Members Bill, it passed through the various parliamentary stages unopposed, with no substantive amendments, and crucially received early government support. PS(CGMP)A 2022 is short, containing only three sections. It makes several tidying up amendments to the guaranteed minimum pension (GMP) conversion legislation introduced in the Pension Schemes Act 1993 (PSA 1993) on 6 April 2009. Catrin Young, practice development lawyer at Burges Salmon LLP, considers the provisions of PS(CGMP)A 2022 and its implications.

Popular documents

Section 32 buy-out policies

Section 32 buy-out policiesWhat is a section 32 buy-out policy?A term which may be often heard within the pensions arena is that of the ‘section 32 buy-out policy’—also sometimes referred to as a section 32 policy or pension buy-out bond. It is a type of buy-out policy whose name derives from the

Surrender and forfeiture of pension benefits

Surrender and forfeiture of pension benefitsTHIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMES ONLYThis Practice Note considers the extent to which accrued pension rights under registered occupational pension schemes can be surrendered or forfeited.The general rule against surrender—the

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit

Strike out—making an application to strike out a statement of case

Strike out—making an application to strike out a statement of caseA strike out order can be made either following an application by the parties or on the court's own initiative. This Practice Note deals with the scenario of the order being made following a party's application.Making an application